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Can you help me with this review? Please fill out the tax document attached. Kelly and Chanelle Chambers, ages 4 7 and 4 5 ,
Can you help me with this review? Please fill out the tax document attached. Kelly and Chanelle Chambers, ages and are married and live at Thoreau Drive, Boston, MA Kellys Social Security number is and Chanelles is The Chambers have two children: Emma, age and Chet, age Their Social Security numbers are and respectively. Emma is a single college student and earned $ during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet has a physical handicap and lives at home. He attends a local university and earned $ working for a marketing firm. In sum, Kelly and Chanelle provide more than of both Emmas and Chets total support for the year.
Kelly is a commercial pilot for a small airline. His salary is $ from which $ of federal income tax and $ of state income tax were withheld. Kelly also pays premiums for health, disability, and life insurance. $ of the premium was for health insurance, $ for disability, and $ for life insurance.
Chanelle owns Alliance Networks, a proprietorship that does network consulting. During the year, Chanelles gross revenues were $ She incurred the following expenses in her business:
Liability insurance $
Software rental $
Journals and magazines $
Training seminars $
Supplies $
Donations to a political campaign fund $
Kelly enjoys playing guitar and plays in a band. Kelly's band has developed a local following. This year, his gross revenues were $ for playing shows and $ on CD sales. He incurred the following expenses:
Studio rent expense $
Sound system repairs $
CD production $
New guitar and amplifier $
Kellys father passed away during the year. Kelly and Chanelle received $ from the life insurance policy. Neither Kelly nor Chanelle paid any of the premiums. Chanelle purchased shares of Thurston Co stock on May for $ Thurston Co was declared bankrupt during the current year. Chets physician recommended that he see a physical therapist to help with his disability. Kelly paid the therapist $ during the year because his insurance would not cover the bills.
Kelly and Chanelle went to Las Vegas and won $ at the blackjack table. The next night, they lost $
Kelly and Chanelle gave $ to their church and, during the year, they had the following other income and expenses:
Real estate taxes $
Property taxes on car determined by value $
Home Mortgage interest $
Credit card finance charges $
Tax return preparation fees $ is allocable to chanelles business
Sales tax on purchases during the year $
Interest from a savings account $
Interest from city of boston bonds $
Dividend from m stock $
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