Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you answer the question in the same way what i sent you before EXTRA CREDIT ASSIGNMENT Beth R. Jordan lives at 2322 Skyview Road,

Can you answer the question in the same way what i sent you beforeimage text in transcribed

EXTRA CREDIT ASSIGNMENT Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 111111111). She also writes computer software programs for tax practitioners and has a parttime tax practice. Beth is single and has no dependents. Beth was born on July 4, 1972, and her Social Security number is 123456789. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is shown on Beth's 2013 Wage and Tax Statement (Form W-2). Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099-INT. She received qualified dividends of $800 from Blue Corporation, $750 from Green Corporation, and $650 from Orange Corporation. Each corporation reported Beth's dividend payments on a Form 1099-DIV. Beth received a $1,100 income tax refund from the state of Arizona on April 29, 2013. On her 2012 Federal income tax return, she reported total itemized deductions of $8,200, which included $2,200 of state income tax withheld by her employer. Fees earned from her parttime tax practice totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service. On February 8, 2013, Beth bought 500 shares of Gray Corporation common stock for $17.60 a share. On September 12, Beth sold the stock for $14 a share. Beth bought a used sport utility vehicle for $6,000 on June 5, 2013. She purchased the vehicle from her brotherinlaw, who was unemployed and was in need of cash. On November 2, she sold the vehicle to a friend for $6,500. On January 2, 2013, Beth acquired 100 shares of Blue Corporation common stock for $30 a share. She sold the stock on December 19 for $55 a share. During 2013, Beth received royalties of $16,000 on a software program she had written. Beth incurred the following expenditures in connection with her software writing activities. Beth elected to deduct the maximum portion of the cost of the computer, printer, and furniture allowed under the provisions of 179. These items were placed in service on January 15, 2013 and used 100 percent in her business. Although her employer suggested that Beth attend a convention on current developments in corporate taxation, Beth was not reimbursed for the travel expenses of $1,420 she incurred in attending the conference. The $1,420 included $200 for meals. During 2013, Beth paid $300 for prescription medicines and $2,875 in physician and hospital bills. Medical insurance premiums were paid by her employer. Beth paid real property taxes of $1,766 on her home. Interest on her home mortgage was $3,845, and interest paid to credit card companies totaled $320. Beth contributed $30 each week to her church and $10 each week to the United Way. Professional dues and subscriptions totaled $350. Beth maintained her sales tax receipts, showing total taxes paid of $1,954. Beth paid $1,000 in estimated Federal income taxes throughout the year. Part 1Tax Computation Compute the 2013 net tax payable or refund due for Beth R. Jordan. If you use tax forms for your solution, you will need Forms 1040, 2106-EZ, and 4562 and Schedules A, B, C, D, and SE. Suggested software: H&R BLOCK Tax Software. This my email please email me for other assignment>> hmed1409@gmail.com

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

5th Canadian edition

1259269868, 978-1259269868

More Books

Students also viewed these Accounting questions