Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chris and Stefani Watanabe live with their two boys at 1400 Victoria Lane, Riverside, CA 92501 school teacher. Thoir sons, Justin and Jordan, are ages

image text in transcribed
Chris and Stefani Watanabe live with their two boys at 1400 Victoria Lane, Riverside, CA 92501 school teacher. Thoir sons, Justin and Jordan, are ages 13 and 10, respectively. The following is information regarding the Watanabes. Social security numbers for the Watanabe family Chris Stefani Justin Jordan 412-34-5670 412-34-5671 412-34-5872 412-34-5673 They paid $4,500 to Friendly Hills Child Care center for after-school care for both Justin and Jordan, allocated equally. The address is 2 River Dr, Riverside, CA and their ID number is 22-1234587. Stefani's W-2 from the Riverside school district showed the following: Wages $56,925.04 Federal WH$ 9,085.90 Social Security wages $56,925.04 Social Security WH 3,529.35 Medicare Wages $58,925.04 Medicare WH 825.41 California WH $ 2,105.75 Chris's accounting business (Business code, 541211, Cash basis) is located in downtown Riverside. His business had the following income and expense information for the year Gross revenues Expenses: Advertising Insurance Legal fees Office supplies Rent Travel Meals and entertainment Utilities $165,000 S 2,100 1,200 10,500 800 24,000 6,945 2,400 2,800 34,000 650 Dues Additionally, Chris and Stefani paid the following expenses during the year: Medical and dental expenses Property tax (home on Victoria Lane) State income taxes with the 2016 return Donations to the church (cash) Mortgage interest (home on Victoria Lane) 4,500 3,750 3,900 3,500 14,900 Stefani paid $950 in classroom expenses for her class Chris and Stefani also eaned $975 of interest income from Calfornia Bank during the year. Chris and Stefani Watanabe live with their two boys at 1400 Victoria Lane, Riverside, CA 92501 school teacher. Thoir sons, Justin and Jordan, are ages 13 and 10, respectively. The following is information regarding the Watanabes. Social security numbers for the Watanabe family Chris Stefani Justin Jordan 412-34-5670 412-34-5671 412-34-5872 412-34-5673 They paid $4,500 to Friendly Hills Child Care center for after-school care for both Justin and Jordan, allocated equally. The address is 2 River Dr, Riverside, CA and their ID number is 22-1234587. Stefani's W-2 from the Riverside school district showed the following: Wages $56,925.04 Federal WH$ 9,085.90 Social Security wages $56,925.04 Social Security WH 3,529.35 Medicare Wages $58,925.04 Medicare WH 825.41 California WH $ 2,105.75 Chris's accounting business (Business code, 541211, Cash basis) is located in downtown Riverside. His business had the following income and expense information for the year Gross revenues Expenses: Advertising Insurance Legal fees Office supplies Rent Travel Meals and entertainment Utilities $165,000 S 2,100 1,200 10,500 800 24,000 6,945 2,400 2,800 34,000 650 Dues Additionally, Chris and Stefani paid the following expenses during the year: Medical and dental expenses Property tax (home on Victoria Lane) State income taxes with the 2016 return Donations to the church (cash) Mortgage interest (home on Victoria Lane) 4,500 3,750 3,900 3,500 14,900 Stefani paid $950 in classroom expenses for her class Chris and Stefani also eaned $975 of interest income from Calfornia Bank during the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions