Com X Ch 1 X Not X th1 x C Alice X C Alice x C Alice x C Notix M MAX M Re:EXC Users/riku/OneDrive/Pictures/Ch%2010%20CP%20Facts%20%20%20PDF.pdf BeBooks Business eBay Education H Hale Hawaiian ... M Inbox (1,354) property 1/1 Comprehensive Problem Chapter 10 2019 Tax Year ACC 401 Use the following information to compute Alice & Bruce Byrd's 2019 federal income tax payable amount or tax refund amount Complete your calculations manually on the designated pdf excel worksheet, and follow the instructions on the comprehensive problem information sheet. You may find it useful to reference the following forms while completing this comprehensive problem: Form 1040, Schedule 1, and Schedule A. Facts: Alice (age 46) and Bruce Byrd (age 4B) are married, live in Oklahoma, and file a joint return. Alice is the office manager for Smiles Dental Clinic and Bruce teaches 6 grade at Okly School. The following info is from their 2019 W 2. Line Description Alice Bruce Wages, tips, other compensation 58,000 62,100 Federal income tax withheld 5,100 6,750 Social Security wages 58,000 62,100 Social security tax withheld 3,596 3,850 Medicare wages and tips 58,000 62,100 Medicare tax withheld 841 900 State Oklahoma Oklahoma State wages, tips, etc. 58,000 62,100 State income tax withheld 4.250 4.900 The Byrd's provided over half of the support for their two children, Joan (age 25) and Frank (age 22). Both children are full-time students and live with the Byrd's except when they are away at college. Ioan earned $3,700 from a summer internship in 2019, and Frank earned $5,800 from a part-time job. During 2019, the Byrd's provided 60% of the total support of Bruce's father, Sam Byrd (age 78). Sam lived alone and covered the rest of his support with his only source of income, Social Security benefits. None of Sam's Social Security benefits are taxable in 2019. Sam died in November of 2019. Bruce, the beneficiary of a policy on Sam's life, received life insurance proceeds of $20,000 on December 28 2019 The Byrd's incurred and paid the following expenses relating to their personal residence during 2019: Property taxes 3,200 Qualified interest on home mortgage lon debt of $480,000) 13,850 Landscaping 6,500 Utilities 5.170 The Byrd's incurred and paid (unless otherwise noted the following medical expenses during 2019 Medical insurance premiums 2,060 Doctor bill for Sam (incurred in 2018 and paid in 2019) 3,485 Operation for Sam 5,325 Prescription medicines for Sam 650 Hospital expenses for Sam 3,800 2019 medical expense insurance reimbursement received in 2019 2,200 The medical expenses for Sam represent some of the 60% that Bruce contributed toward his father's support PrtScn Home Find a M Ref | Com X Ch 1 x Alice x C Alice Alice | C Note X M MAN X eDrive/Pictures/Ch%2010%20CP%20Facts%20%20%20PDF.pdf s Business | eBay Education H HaleHawaiian ... M Inbox (1354) 1 property KUI TEUTOT Enpere mur Temur SemtemtreenerIFKURS The medical expenses for Sam represent some of the 60% that Bruce contributed toward his father's support Other relevant info follows: The Byrd's paid additional state income tax of $700 when they filed their 2018 state return in 2019, In 2019, Alice and Bruce paid $300 for tickets and attended a dinner dance sponsored by the Police Disability Association (a qualified charity). The cost of comparable entertainment would be $100. The Byrd's contributed $5,200 to the local Presbyterian Church and donated used clothing (cost of $1,100 and fair market value of $185 to Salvation Army. All donations are supported by receipts and all clothing is in very good condition. Bruce enjoys gambling in local casinos. During 2019, Bruce had gambling winnings of $7,150 and gambling losses of $11,800. In 2019 the Byrd's received interest income of $1,645 (reported on Form 1099-INT) from HSS Bank. Bruce paid $80 for an annual subscription to the Best Teaching Practices Magazine, $245 for annual membership dues to the Oklahoma Teachers Association, and $415 on classroom supplies. Bruce's employer does not reimburse employee business expenses. The Byrd's did not keep the receipts for the state sales taxes they paid. They had no major purchases subject to state sales tax. Assume state sales tax is less than state income tax All members of the Byrd family had health insurance coverage all during 2019, Alice and Bruce did not make estimated federal income tax payments for 2019. Hint: W2 amounts not used in the tax return worksheet calculation are NOT the amounts to be listed in the "Amounts Not Used & Why" area. All three amounts listed in the "Amounts Not Used & Why" area should be cash flows of Alice and/or Bruce Alice C Alice x C Not X M M X M Re:TXC Con X Ch 1 X Not + MAN.XLSACC401mw.202030/tool/5b7c45ec-cfef-4fdd-82da-64d059e71a92/view_section.jsf?moduleld=1070268420&... Business eBay Education H Hale Hawaiian . M Inbox (1,354) Games Movies, Videos & TV Musi Name: Seat ID# ACC 401 Ch 10 Comprehensive Problem Solution Gross Income Medical Itemized Doduction Total Gross Income Deductions for AGI: Total medical payments Less: Medical deduction Total Deductions for AGI AGI 128,645 Taxes - Itemized Deduction: Itemized Deductions Medical Taxes Interest Gifts to Charity Other Total Itemized Deductions 40,057 Total tax payments Less: Tax deduction Taxable income 88,588 Charity - Itemized Deduction 2019 Total Tax Total Fed Income Tax (MFJ). Charity deduction Child/Dependent Tax Credits: Joan Frank Sam Total Tax Credits Other Itemized Deduction: Other Itemized Deduction Federal Income Tax Prepayments: Alice's withheld fed income tax Bruce's withheld fed income tax Total Prepayments MFJ tax on 22% x Total Tax (MF) Tax Due / (Refund) Amounts Not Used & Why Description Amount Reason Not Used in Calculation ? Com X Ch 1 X Not X th1 x C Alice X C Alice x C Alice x C Notix M MAX M Re:EXC Users/riku/OneDrive/Pictures/Ch%2010%20CP%20Facts%20%20%20PDF.pdf BeBooks Business eBay Education H Hale Hawaiian ... M Inbox (1,354) property 1/1 Comprehensive Problem Chapter 10 2019 Tax Year ACC 401 Use the following information to compute Alice & Bruce Byrd's 2019 federal income tax payable amount or tax refund amount Complete your calculations manually on the designated pdf excel worksheet, and follow the instructions on the comprehensive problem information sheet. You may find it useful to reference the following forms while completing this comprehensive problem: Form 1040, Schedule 1, and Schedule A. Facts: Alice (age 46) and Bruce Byrd (age 4B) are married, live in Oklahoma, and file a joint return. Alice is the office manager for Smiles Dental Clinic and Bruce teaches 6 grade at Okly School. The following info is from their 2019 W 2. Line Description Alice Bruce Wages, tips, other compensation 58,000 62,100 Federal income tax withheld 5,100 6,750 Social Security wages 58,000 62,100 Social security tax withheld 3,596 3,850 Medicare wages and tips 58,000 62,100 Medicare tax withheld 841 900 State Oklahoma Oklahoma State wages, tips, etc. 58,000 62,100 State income tax withheld 4.250 4.900 The Byrd's provided over half of the support for their two children, Joan (age 25) and Frank (age 22). Both children are full-time students and live with the Byrd's except when they are away at college. Ioan earned $3,700 from a summer internship in 2019, and Frank earned $5,800 from a part-time job. During 2019, the Byrd's provided 60% of the total support of Bruce's father, Sam Byrd (age 78). Sam lived alone and covered the rest of his support with his only source of income, Social Security benefits. None of Sam's Social Security benefits are taxable in 2019. Sam died in November of 2019. Bruce, the beneficiary of a policy on Sam's life, received life insurance proceeds of $20,000 on December 28 2019 The Byrd's incurred and paid the following expenses relating to their personal residence during 2019: Property taxes 3,200 Qualified interest on home mortgage lon debt of $480,000) 13,850 Landscaping 6,500 Utilities 5.170 The Byrd's incurred and paid (unless otherwise noted the following medical expenses during 2019 Medical insurance premiums 2,060 Doctor bill for Sam (incurred in 2018 and paid in 2019) 3,485 Operation for Sam 5,325 Prescription medicines for Sam 650 Hospital expenses for Sam 3,800 2019 medical expense insurance reimbursement received in 2019 2,200 The medical expenses for Sam represent some of the 60% that Bruce contributed toward his father's support PrtScn Home Find a M Ref | Com X Ch 1 x Alice x C Alice Alice | C Note X M MAN X eDrive/Pictures/Ch%2010%20CP%20Facts%20%20%20PDF.pdf s Business | eBay Education H HaleHawaiian ... M Inbox (1354) 1 property KUI TEUTOT Enpere mur Temur SemtemtreenerIFKURS The medical expenses for Sam represent some of the 60% that Bruce contributed toward his father's support Other relevant info follows: The Byrd's paid additional state income tax of $700 when they filed their 2018 state return in 2019, In 2019, Alice and Bruce paid $300 for tickets and attended a dinner dance sponsored by the Police Disability Association (a qualified charity). The cost of comparable entertainment would be $100. The Byrd's contributed $5,200 to the local Presbyterian Church and donated used clothing (cost of $1,100 and fair market value of $185 to Salvation Army. All donations are supported by receipts and all clothing is in very good condition. Bruce enjoys gambling in local casinos. During 2019, Bruce had gambling winnings of $7,150 and gambling losses of $11,800. In 2019 the Byrd's received interest income of $1,645 (reported on Form 1099-INT) from HSS Bank. Bruce paid $80 for an annual subscription to the Best Teaching Practices Magazine, $245 for annual membership dues to the Oklahoma Teachers Association, and $415 on classroom supplies. Bruce's employer does not reimburse employee business expenses. The Byrd's did not keep the receipts for the state sales taxes they paid. They had no major purchases subject to state sales tax. Assume state sales tax is less than state income tax All members of the Byrd family had health insurance coverage all during 2019, Alice and Bruce did not make estimated federal income tax payments for 2019. Hint: W2 amounts not used in the tax return worksheet calculation are NOT the amounts to be listed in the "Amounts Not Used & Why" area. All three amounts listed in the "Amounts Not Used & Why" area should be cash flows of Alice and/or Bruce Alice C Alice x C Not X M M X M Re:TXC Con X Ch 1 X Not + MAN.XLSACC401mw.202030/tool/5b7c45ec-cfef-4fdd-82da-64d059e71a92/view_section.jsf?moduleld=1070268420&... Business eBay Education H Hale Hawaiian . M Inbox (1,354) Games Movies, Videos & TV Musi Name: Seat ID# ACC 401 Ch 10 Comprehensive Problem Solution Gross Income Medical Itemized Doduction Total Gross Income Deductions for AGI: Total medical payments Less: Medical deduction Total Deductions for AGI AGI 128,645 Taxes - Itemized Deduction: Itemized Deductions Medical Taxes Interest Gifts to Charity Other Total Itemized Deductions 40,057 Total tax payments Less: Tax deduction Taxable income 88,588 Charity - Itemized Deduction 2019 Total Tax Total Fed Income Tax (MFJ). Charity deduction Child/Dependent Tax Credits: Joan Frank Sam Total Tax Credits Other Itemized Deduction: Other Itemized Deduction Federal Income Tax Prepayments: Alice's withheld fed income tax Bruce's withheld fed income tax Total Prepayments MFJ tax on 22% x Total Tax (MF) Tax Due / (Refund) Amounts Not Used & Why Description Amount Reason Not Used in Calculation