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Can I get some help in my ACCT 401 Taxation class please. Comprehensive Problem You will complete 1 Comprehensive Problem. The problem is found in

Can I get some help in my ACCT 401 Taxation class please.

image text in transcribed Comprehensive Problem You will complete 1 Comprehensive Problem. The problem is found in Appendix C of the textbook and is titled "Individual Tax Return Problem 3". Your work must be submitted as a PDF file using the tax software of your choosing, provided it may be attached as a PDF file. One such program is ProSeries by Intuit. You can find it at http://proseries.intuit.com/. Click \"Try it Free\" to get started. You can use the Professional or Basic product. Or, you may choose to prepare the return by hand. In order to do this, you'll need to copy the necessary forms and schedules from the textbook, scan them, and upload them into Blackboard as a PDF file. As you complete this assignment, pay special attention to accuracy and the potential impact of errors. Any impact of an error will be taken into account for future return calculations and will not necessarily effect the point deductions. Points are deducted based on the number of mistakes. Two important notes: 1. 2. You must submit the tax return as a PDF file. If you plan to use a tax package, do not wait until Module/Week 7 to learn how to use the software. You will need time to learn how to use the software prior to beginning the tax return problem. This assignment is due by 11:59 p.m. (ET) on Monday of Module/Week 7. INDIVIDUAL TAX RETURN PROBLEM 3 Required: Use the following information to complete Rhonda Hill's 2010 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, and Schedule D. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel lives with Rhonda in the home. Mabel is retired and receives $2,400 of Social Security income each year. Mabel is able to save these funds because Rhonda provides all of Mabel's support. Rhonda also provided the following information: Rhonda does not want to contribute to the presidential election campaign. Rhonda lives at 1234 Blue Ridge Way, Tulsa, OK. Rhonda's birthday is 12/18/1957 and her Social Security number is 335-67-8910. Mabel's birthday is 11/2/1949 and her Social Security number is 566-77-8899. Rhonda does not have any foreign bank accounts or trusts. 2. Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information: Line 1 Wages, tips, other compensation: $72,000 Line 2 Federal income tax withheld: 9,300 Line 3 Social Security wages: 72,000 Line 4 Social Security tax withheld: 4,464 Line 5 Medicare wages and tips: 72,000 Line 6 Medicare tax withheld: 1,044 Line 17 State income tax: 2,700 3. Rhonda received $250 in interest from Tulsa City bonds, $120 interest from IBM bonds, and $15 from her savings account at UCU Credit Union. She also received a $460 dividend from Huggies Company and $500 from Bicker Corporation. Both dividends were qualified dividends. C-8 Appendix C 4. Rhonda sold 200 shares of DM stock for $18 a share on June 15, 2010. She purchased the stock on December 12, 2005, for $10 a share. She also sold 50 shares of RSA stock for $15 on October 2, 2010. She purchased the stock for $65 a share on February 2 of this year. 5. The following is a record of the medical expense that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance reimbursements. Insurance premiums $900 Prescription medications 100 Over-the-counter medications 250 Doctor and dentist visits 485 Eyeglasses 300 Physical therapy 200 6. Rhonda paid $2,800 in mortgage interest during the year. She also paid $1,200 in real property taxes during the year. 7. Rhonda contributed $2,350 to her church during the year. INDIVIDUAL TAX RETURN PROBLEM 3 Required: Use the following information to complete Rhonda Hill's 2010 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, and Schedule D. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel lives with Rhonda in the home. Mabel is retired and receives $2,400 of Social Security income each year. Mabel is able to save these funds because Rhonda provides all of Mabel's support. Rhonda also provided the following information: Rhonda does not want to contribute to the presidential election campaign. Rhonda lives at 1234 Blue Ridge Way, Tulsa, OK. Rhonda's birthday is 12/18/1957 and her Social Security number is 335-67-8910. Mabel's birthday is 11/2/1949 and her Social Security number is 566-77-8899. Rhonda does not have any foreign bank accounts or trusts. 2. Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information: Line 1 Wages, tips, other compensation: $72,000 Line 2 Federal income tax withheld: 9,300 Line 3 Social Security wages: 72,000 Line 4 Social Security tax withheld: 4,464 Line 5 Medicare wages and tips: 72,000 Line 6 Medicare tax withheld: 1,044 Line 17 State income tax: 2,700 3. Rhonda received $250 in interest from Tulsa City bonds, $120 interest from IBM bonds, and $15 from her savings account at UCU Credit Union. She also received a $460 dividend from Huggies Company and $500 from Bicker Corporation. Both dividends were qualified dividends. C-8 Appendix C 4. Rhonda sold 200 shares of DM stock for $18 a share on June 15, 2010. She purchased the stock on December 12, 2005, for $10 a share. She also sold 50 shares of RSA stock for $15 on October 2, 2010. She purchased the stock for $65 a share on February 2 of this year. 5. The following is a record of the medical expense that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance reimbursements. Insurance premiums $900 Prescription medications 100 Over-the-counter medications 250 Doctor and dentist visits 485 Eyeglasses 300 Physical therapy 200 6. Rhonda paid $2,800 in mortgage interest during the year. She also paid $1,200 in real property taxes during the year. 7. Rhonda contributed $2,350 to her church during the year

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