1 are coverage for He lives at 41 al by a local Deel u Preside completing the appropriate forms. They do not want U U Election Campaign Fund. All members of the family had health care con of 2018. If an overpayment results, it is to be refunded to them. 52. Logan B. Tavlor is a widower whose wife, Sara, died on June 6, 2016. He live Dogwood Lane. Springfield, MO 65801. He is employed as a paralegal by a firm. During 2018, he had the following receipts: $ 80,000 Salary Interest income- $ 300 Money market account at Omni Bank 1,100 Savings account at Boone State Bank City of Springfield general purpose bonds 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2017 tax overpayment) 700 Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2018. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on May 2 2013. for $85,000 and held as an investment. As the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2018, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (eg. camper boat, furniture, and fishing and hunting equipment). Logan estimates that the prop- erty sold originally cost at least twice the 39,000 he received and has declined or stayed the same in value since Sara and Daniel died. Logan's expenditures for 2018 include the following: Medical expenses (including $10,500 for dental) Taxes- $11,500 State of Missouri income tax (includes withholdings during 2018) Property taxes on personal residence $4,200 4,500 8,700 Contribution to church (paid pledges for 2018 and 2019) 5,600 Logan and his dependents are covered by his employer's health 4,800 icy for all of 2018. However, he is subject to a deductible, and is employer's health insurance pol- to a deductible, and dental care is not CHAPTER 3 Tax Formula and Tax Determination: An Overview of Prop tecluded. The $10,500 dental charge was for Helen's implants. Helen is Logan's dowed mother, who lives with him (see below). Logan normally pledges $2,400 73200 per month) each year to his church On December 5, 2018, upon the advice of his pastor, he prepaid his pledge for 2019. Logan's household, all of whom he supports, includes the following: Birth Date Logan Taylor (age 48) Helen Taylor (age 70) Asher Taylor (age 23) Mia Taylor (age 22) Social Security Number 123-45-6787 123-45-6780 123-45-6783 123-45-6784 08/30/1970 01/13/1948 07/18/1995 02/16/1996 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's income tax for 2018. Federal income tax of $4,500 was withheld from his wages. If Logan has any over- payment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not want to contribute to the Presidential Election Campaign Fund. Part 2Follow-Up Advice In early 2019, the following take place: Helen decides that she wants to live with one of her daughters and moves to Arizona. Asher graduates from dental school and joins an existing practice in St. Louis. Mia marries, and she and her husband move in with his parents. Using the insurance proceeds he received on Daniel's death, Logan pays off the mortgage on his personal residence. Logan believes that these events may have an effect on his tax position for 2019. Therefore, he requests your advice. Write a letter to Logan explaining in general terms the changes that will occur tax purposes. Assume that Logan's salary and other factors not mentioned (e.g.. Property and state income taxes) will remain the same. Use the 2018 Tax Rate Sched- s and standard deduction amounts in projecting Logan's tax for 2019. Re CHAPTER 3 Tax Formula and Tax Determination: An Overview of Prop tecluded. The $10,500 dental charge was for Helen's implants. Helen is Logan's dowed mother, who lives with him (see below). Logan normally pledges $2,400 73200 per month) each year to his church On December 5, 2018, upon the advice of his pastor, he prepaid his pledge for 2019. Logan's household, all of whom he supports, includes the following: Birth Date Logan Taylor (age 48) Helen Taylor (age 70) Asher Taylor (age 23) Mia Taylor (age 22) Social Security Number 123-45-6787 123-45-6780 123-45-6783 123-45-6784 08/30/1970 01/13/1948 07/18/1995 02/16/1996 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's income tax for 2018. Federal income tax of $4,500 was withheld from his wages. If Logan has any over- payment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not want to contribute to the Presidential Election Campaign Fund. Part 2Follow-Up Advice In early 2019, the following take place: Helen decides that she wants to live with one of her daughters and moves to Arizona. Asher graduates from dental school and joins an existing practice in St. Louis. Mia marries, and she and her husband move in with his parents. Using the insurance proceeds he received on Daniel's death, Logan pays off the mortgage on his personal residence. Logan believes that these events may have an effect on his tax position for 2019. Therefore, he requests your advice. Write a letter to Logan explaining in general terms the changes that will occur tax purposes. Assume that Logan's salary and other factors not mentioned (e.g.. Property and state income taxes) will remain the same. Use the 2018 Tax Rate Sched- s and standard deduction amounts in projecting Logan's tax for 2019. Re 1 are coverage for He lives at 41 al by a local Deel u Preside completing the appropriate forms. They do not want U U Election Campaign Fund. All members of the family had health care con of 2018. If an overpayment results, it is to be refunded to them. 52. Logan B. Tavlor is a widower whose wife, Sara, died on June 6, 2016. He live Dogwood Lane. Springfield, MO 65801. He is employed as a paralegal by a firm. During 2018, he had the following receipts: $ 80,000 Salary Interest income- $ 300 Money market account at Omni Bank 1,100 Savings account at Boone State Bank 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2017 tax overpayment) 700 Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2018. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on May 2 2013. for $85,000 and held as an investment. As the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2018, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (eg. camper boat, furniture, and fishing and hunting equipment). Logan estimates that the prop- erty sold originally cost at least twice the 39,000 he received and has declined or stayed the same in value since Sara and Daniel died. Logan's expenditures for 2018 include the following: Medical expenses (including $10,500 for dental) Taxes- $11,500 State of Missouri income tax (includes withholdings during 2018) Property taxes on personal residence $4,200 Interest on home mortgage (Boone State Bank) 4,500 8,700 Contribution to church (paid pledges for 2018 and 2019) 5,600 Logan and his dependents are covered by his employer's health 4,800 icy for all of 2018. However, he is subject to a deductible, and is employer's health insurance pol- to a deductible, and dental care is not 1 are coverage for He lives at 41 al by a local Deel u Preside completing the appropriate forms. They do not want U U Election Campaign Fund. All members of the family had health care con of 2018. If an overpayment results, it is to be refunded to them. 52. Logan B. Tavlor is a widower whose wife, Sara, died on June 6, 2016. He live Dogwood Lane. Springfield, MO 65801. He is employed as a paralegal by a firm. During 2018, he had the following receipts: $ 80,000 Salary Interest income- $ 300 Money market account at Omni Bank 1,100 Savings account at Boone State Bank City of Springfield general purpose bonds 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2017 tax overpayment) 700 Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2018. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on May 2 2013. for $85,000 and held as an investment. As the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2018, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (eg. camper boat, furniture, and fishing and hunting equipment). Logan estimates that the prop- erty sold originally cost at least twice the 39,000 he received and has declined or stayed the same in value since Sara and Daniel died. Logan's expenditures for 2018 include the following: Medical expenses (including $10,500 for dental) Taxes- $11,500 State of Missouri income tax (includes withholdings during 2018) Property taxes on personal residence $4,200 4,500 8,700 Contribution to church (paid pledges for 2018 and 2019) 5,600 Logan and his dependents are covered by his employer's health 4,800 icy for all of 2018. However, he is subject to a deductible, and is employer's health insurance pol- to a deductible, and dental care is not CHAPTER 3 Tax Formula and Tax Determination: An Overview of Prop tecluded. The $10,500 dental charge was for Helen's implants. Helen is Logan's dowed mother, who lives with him (see below). Logan normally pledges $2,400 73200 per month) each year to his church On December 5, 2018, upon the advice of his pastor, he prepaid his pledge for 2019. Logan's household, all of whom he supports, includes the following: Birth Date Logan Taylor (age 48) Helen Taylor (age 70) Asher Taylor (age 23) Mia Taylor (age 22) Social Security Number 123-45-6787 123-45-6780 123-45-6783 123-45-6784 08/30/1970 01/13/1948 07/18/1995 02/16/1996 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's income tax for 2018. Federal income tax of $4,500 was withheld from his wages. If Logan has any over- payment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not want to contribute to the Presidential Election Campaign Fund. Part 2Follow-Up Advice In early 2019, the following take place: Helen decides that she wants to live with one of her daughters and moves to Arizona. Asher graduates from dental school and joins an existing practice in St. Louis. Mia marries, and she and her husband move in with his parents. Using the insurance proceeds he received on Daniel's death, Logan pays off the mortgage on his personal residence. Logan believes that these events may have an effect on his tax position for 2019. Therefore, he requests your advice. Write a letter to Logan explaining in general terms the changes that will occur tax purposes. Assume that Logan's salary and other factors not mentioned (e.g.. Property and state income taxes) will remain the same. Use the 2018 Tax Rate Sched- s and standard deduction amounts in projecting Logan's tax for 2019. Re CHAPTER 3 Tax Formula and Tax Determination: An Overview of Prop tecluded. The $10,500 dental charge was for Helen's implants. Helen is Logan's dowed mother, who lives with him (see below). Logan normally pledges $2,400 73200 per month) each year to his church On December 5, 2018, upon the advice of his pastor, he prepaid his pledge for 2019. Logan's household, all of whom he supports, includes the following: Birth Date Logan Taylor (age 48) Helen Taylor (age 70) Asher Taylor (age 23) Mia Taylor (age 22) Social Security Number 123-45-6787 123-45-6780 123-45-6783 123-45-6784 08/30/1970 01/13/1948 07/18/1995 02/16/1996 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's income tax for 2018. Federal income tax of $4,500 was withheld from his wages. If Logan has any over- payment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not want to contribute to the Presidential Election Campaign Fund. Part 2Follow-Up Advice In early 2019, the following take place: Helen decides that she wants to live with one of her daughters and moves to Arizona. Asher graduates from dental school and joins an existing practice in St. Louis. Mia marries, and she and her husband move in with his parents. Using the insurance proceeds he received on Daniel's death, Logan pays off the mortgage on his personal residence. Logan believes that these events may have an effect on his tax position for 2019. Therefore, he requests your advice. Write a letter to Logan explaining in general terms the changes that will occur tax purposes. Assume that Logan's salary and other factors not mentioned (e.g.. Property and state income taxes) will remain the same. Use the 2018 Tax Rate Sched- s and standard deduction amounts in projecting Logan's tax for 2019. Re 1 are coverage for He lives at 41 al by a local Deel u Preside completing the appropriate forms. They do not want U U Election Campaign Fund. All members of the family had health care con of 2018. If an overpayment results, it is to be refunded to them. 52. Logan B. Tavlor is a widower whose wife, Sara, died on June 6, 2016. He live Dogwood Lane. Springfield, MO 65801. He is employed as a paralegal by a firm. During 2018, he had the following receipts: $ 80,000 Salary Interest income- $ 300 Money market account at Omni Bank 1,100 Savings account at Boone State Bank 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2017 tax overpayment) 700 Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2018. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on May 2 2013. for $85,000 and held as an investment. As the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2018, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (eg. camper boat, furniture, and fishing and hunting equipment). Logan estimates that the prop- erty sold originally cost at least twice the 39,000 he received and has declined or stayed the same in value since Sara and Daniel died. Logan's expenditures for 2018 include the following: Medical expenses (including $10,500 for dental) Taxes- $11,500 State of Missouri income tax (includes withholdings during 2018) Property taxes on personal residence $4,200 Interest on home mortgage (Boone State Bank) 4,500 8,700 Contribution to church (paid pledges for 2018 and 2019) 5,600 Logan and his dependents are covered by his employer's health 4,800 icy for all of 2018. However, he is subject to a deductible, and is employer's health insurance pol- to a deductible, and dental care is not