10. 18. Robert and Diana are married and usually file a joint tax return. They each...
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10. 18. Robert and Diana are married and usually file a joint tax return. They each have the following income items. a) Robert, who is a controller of a company - W-2 Wages: 250,000. He is covered under a retirement plan at his work. b) Diana, who is an owner of two businesses. She is not covered by a retirement plan. a. An art studio, who produces art works for sale in their studio and offer paid tours of their art studio i. Gross Income - $150,000 ii. Expenses - $180,000 b. Design consultant, where she works to design office space for professional spaces (lawyers, accountants, engineers, doctors, etc). i. Gross Income - $120,000 ii. Expenses - $7,500 c) Other Income: a. Interest Received: $400 b. Dividends Received: $1,500 c. Veteran's income for a military disability for Diana: $14,000 d) They have the following deductions: a. Taxes: i. Income Taxes withheld: $15,000 ii. Income Taxes paid quarterly for Diana: $10,000 iii. Real Property Taxes: $7,500 iv. Personal Property Taxes: $1,200 b. Interest Paid i. Interest on home: $22,000 ii. Interest paid on investment in land: $4,000 c. Charitable Contributions: i. American Red Cross: $1500 ii. United Way: $1200 iii. George Mason Alumni Association: $2500 e) In addition to the above part, they have 2 children. One is age 5 and one is 14, as of the end of the year. 11. 1. What is the business income to be reported on each Schedule C and then reported on the Schedule 1 of the tax return? This study source was downloaded by 100000833522178 from CourseHero.com on 03-05-2022 17:55:16 GMT -06:00 https://www.courschero.com/file/132687988/HD-2515149-mid-term-docdocx/ a. Schedule C b. Schedule C c. Schedule 1 d. Which line on Schedule 1 is where Schedule C income gets to be reported 2. Other income: a. Where is the interest reported initially b. Where the dividends are reported initially c. Where is the VA disability reported on the tax return 3. What is the total income to be reported on Schedule 1 before any adjustments 4. Calculate the total deductions allowed on Schedule A? Break it out by category: a. Taxes b. Interest Paid c. Charitable Deductions 5. Is it better for Robert and Diana to take itemized or the standard deduction? Please explain your answer. 6. What is the total taxable income for Robert and Diana 7. What is the total taxes owed as shown on line 16 of Form 1040? 8. Is Diana subject to the Self-Employment tax? a. If so, where is it reported? b. What is the self-employment tax rate for the following taxes? i. Social Security (3Pts) : ii. Medicare (3Pts): 10. 18. Robert and Diana are married and usually file a joint tax return. They each have the following income items. a) Robert, who is a controller of a company - W-2 Wages: 250,000. He is covered under a retirement plan at his work. b) Diana, who is an owner of two businesses. She is not covered by a retirement plan. a. An art studio, who produces art works for sale in their studio and offer paid tours of their art studio i. Gross Income - $150,000 ii. Expenses - $180,000 b. Design consultant, where she works to design office space for professional spaces (lawyers, accountants, engineers, doctors, etc). i. Gross Income - $120,000 ii. Expenses - $7,500 c) Other Income: a. Interest Received: $400 b. Dividends Received: $1,500 c. Veteran's income for a military disability for Diana: $14,000 d) They have the following deductions: a. Taxes: i. Income Taxes withheld: $15,000 ii. Income Taxes paid quarterly for Diana: $10,000 iii. Real Property Taxes: $7,500 iv. Personal Property Taxes: $1,200 b. Interest Paid i. Interest on home: $22,000 ii. Interest paid on investment in land: $4,000 c. Charitable Contributions: i. American Red Cross: $1500 ii. United Way: $1200 iii. George Mason Alumni Association: $2500 e) In addition to the above part, they have 2 children. One is age 5 and one is 14, as of the end of the year. 10. 18. Robert and Diana are married and usually file a joint tax return. They each have the following income items. a) Robert, who is a controller of a company - W-2 Wages: 250,000. He is covered under a retirement plan at his work. b) Diana, who is an owner of two businesses. She is not covered by a retirement plan. a. An art studio, who produces art works for sale in their studio and offer paid tours of their art studio i. Gross Income - $150,000 ii. Expenses - $180,000 b. Design consultant, where she works to design office space for professional spaces (lawyers, accountants, engineers, doctors, etc). i. Gross Income - $120,000 ii. Expenses - $7,500 c) Other Income: a. Interest Received: $400 b. Dividends Received: $1,500 c. Veteran's income for a military disability for Diana: $14,000 d) They have the following deductions: a. Taxes: i. Income Taxes withheld: $15,000 ii. Income Taxes paid quarterly for Diana: $10,000 iii. Real Property Taxes: $7,500 iv. Personal Property Taxes: $1,200 b. Interest Paid i. Interest on home: $22,000 ii. Interest paid on investment in land: $4,000 c. Charitable Contributions: i. American Red Cross: $1500 ii. United Way: $1200 iii. George Mason Alumni Association: $2500 e) In addition to the above part, they have 2 children. One is age 5 and one is 14, as of the end of the year. 11. 1. What is the business income to be reported on each Schedule C and then reported on the Schedule 1 of the tax return? This study source was downloaded by 100000833522178 from CourseHero.com on 03-05-2022 17:55:16 GMT -06:00 https://www.courschero.com/file/132687988/HD-2515149-mid-term-docdocx/ a. Schedule C b. Schedule C c. Schedule 1 d. Which line on Schedule 1 is where Schedule C income gets to be reported 2. Other income: a. Where is the interest reported initially b. Where the dividends are reported initially c. Where is the VA disability reported on the tax return 3. What is the total income to be reported on Schedule 1 before any adjustments 4. Calculate the total deductions allowed on Schedule A? Break it out by category: a. Taxes b. Interest Paid c. Charitable Deductions 5. Is it better for Robert and Diana to take itemized or the standard deduction? Please explain your answer. 6. What is the total taxable income for Robert and Diana 7. What is the total taxes owed as shown on line 16 of Form 1040? 8. Is Diana subject to the Self-Employment tax? a. If so, where is it reported? b. What is the self-employment tax rate for the following taxes? i. Social Security (3Pts) : ii. Medicare (3Pts): 10. 18. Robert and Diana are married and usually file a joint tax return. They each have the following income items. a) Robert, who is a controller of a company - W-2 Wages: 250,000. He is covered under a retirement plan at his work. b) Diana, who is an owner of two businesses. She is not covered by a retirement plan. a. An art studio, who produces art works for sale in their studio and offer paid tours of their art studio i. Gross Income - $150,000 ii. Expenses - $180,000 b. Design consultant, where she works to design office space for professional spaces (lawyers, accountants, engineers, doctors, etc). i. Gross Income - $120,000 ii. Expenses - $7,500 c) Other Income: a. Interest Received: $400 b. Dividends Received: $1,500 c. Veteran's income for a military disability for Diana: $14,000 d) They have the following deductions: a. Taxes: i. Income Taxes withheld: $15,000 ii. Income Taxes paid quarterly for Diana: $10,000 iii. Real Property Taxes: $7,500 iv. Personal Property Taxes: $1,200 b. Interest Paid i. Interest on home: $22,000 ii. Interest paid on investment in land: $4,000 c. Charitable Contributions: i. American Red Cross: $1500 ii. United Way: $1200 iii. George Mason Alumni Association: $2500 e) In addition to the above part, they have 2 children. One is age 5 and one is 14, as of the end of the year.
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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