Federal Taxation Course.
Please use question #14 in order to fill out IRS form 4562 and Schedule E. All required froms are are provided.
1. James Bart (age security and Jane Bart James is 2 social number 128 815-45-6258) a District Manager for the Olive Garden restaurant chain. Jane owns and manages The Copy Shop. James's W-2 attached. You been engaged to prepare their have insurance 2016 federal income tax return. Everyone has health 2. The Bart's have four (4 children. Jeannie (age 20 ss#512.36.3690) is an assistant manager of a clothing store located in Rockville Centre NY. Her annual salary is $19,000 per year. She lives at home and put her entire paycheck into a Savings account. Jason (age 23 SS number 428-36-3324 is a full time student at Columbia. His parents pay tuition, all of his expenses and provide him with a car. In 2016 he did not work. Instead he went to school full time. For 2016 John had $700 of interest income. John is finishing up his 4th year of college. His parents paid S30000 in tuition. You will need to determine the best way to handle the tuition. Columbia ID is 51-4872876 (age 16 ssa 122-22-9988) works at ABC coffee and makes S6000 for the Jackson year. He lives at home Paul (age 9 ss #105-55-4222) goes to ABC Daycare at 605 3rd Avein NY 11565. ID number of daycare is 11-5575566. The Bart's pay s3500 per year for daycare. Finally the Bart's provide over half the support for James's mom Anne Pierce (age 78 ssa Anne does not live with James and Jane Anne's only source of income is $8900 ofSocial Security. James's died in 2011 3. Jane owns a copying store, The copy shop (Employer ID 11-2843565, business code 453210) at 875 Hard Street, Merrick NY 11730. he uses the cash basis of per the accounting except for the cost of good sold. Her 2016 receipts and disbursements business checkbook are as follows: (remember not everything paid out of the checkbook is deductible nor does it always belong on Schedule C. it might belong to another schedule) On the next page you will find the information from the checkbook. A. Cash receipts from copying and printing services B. Cash Receipts form office supplies C. Lease Payments on Business Location S245,000 33,500 D. Speeding ticket while delivering copy Utilities to client 50 F. State Income Tax Bart's 2015 tax return paid 5/15/16 G. Advertising 5650 3500 I Paper cost for coping (not in cost of good sold) JEmployee 55,000 Employee Payroll Taxes L. Health Insurance Premiums for Employees M Health Insurance Premiums for Jane N. Office Suppli Purchases of office supplies for resale to 36,000 P. Interest expense on Business Loans R. Insurance Liability S. Charitable Contribution to Columbia T. Repairs on Equipment (coping and printing machines) U Miscellaneous Expense Office supplies for resale: Beginning Inventory S15000.00. Ending Inventory S9,000 Prior to 2016 JANE's business purchased the equipment listed below. No section 179 deductions were taken on this equipment. Office equipment June 2011 S11000 Office equipment Duly 2013 S15000 Office equipment Jan 2013 SI4000 $28000 June 2013 4 Copy Machines ($7000 Equipment 2016 Purchases Two (2) Computers were purchased at S3000 each on March 7, 2016 Computer's are a 5 year recovery life. A new copying/printing system was purchased ats24150 on June 6 2016. A section 179 deduction was taken 1. James Bart (age security and Jane Bart James is 2 social number 128 815-45-6258) a District Manager for the Olive Garden restaurant chain. Jane owns and manages The Copy Shop. James's W-2 attached. You been engaged to prepare their have insurance 2016 federal income tax return. Everyone has health 2. The Bart's have four (4 children. Jeannie (age 20 ss#512.36.3690) is an assistant manager of a clothing store located in Rockville Centre NY. Her annual salary is $19,000 per year. She lives at home and put her entire paycheck into a Savings account. Jason (age 23 SS number 428-36-3324 is a full time student at Columbia. His parents pay tuition, all of his expenses and provide him with a car. In 2016 he did not work. Instead he went to school full time. For 2016 John had $700 of interest income. John is finishing up his 4th year of college. His parents paid S30000 in tuition. You will need to determine the best way to handle the tuition. Columbia ID is 51-4872876 (age 16 ssa 122-22-9988) works at ABC coffee and makes S6000 for the Jackson year. He lives at home Paul (age 9 ss #105-55-4222) goes to ABC Daycare at 605 3rd Avein NY 11565. ID number of daycare is 11-5575566. The Bart's pay s3500 per year for daycare. Finally the Bart's provide over half the support for James's mom Anne Pierce (age 78 ssa Anne does not live with James and Jane Anne's only source of income is $8900 ofSocial Security. James's died in 2011 3. Jane owns a copying store, The copy shop (Employer ID 11-2843565, business code 453210) at 875 Hard Street, Merrick NY 11730. he uses the cash basis of per the accounting except for the cost of good sold. Her 2016 receipts and disbursements business checkbook are as follows: (remember not everything paid out of the checkbook is deductible nor does it always belong on Schedule C. it might belong to another schedule) On the next page you will find the information from the checkbook. A. Cash receipts from copying and printing services B. Cash Receipts form office supplies C. Lease Payments on Business Location S245,000 33,500 D. Speeding ticket while delivering copy Utilities to client 50 F. State Income Tax Bart's 2015 tax return paid 5/15/16 G. Advertising 5650 3500 I Paper cost for coping (not in cost of good sold) JEmployee 55,000 Employee Payroll Taxes L. Health Insurance Premiums for Employees M Health Insurance Premiums for Jane N. Office Suppli Purchases of office supplies for resale to 36,000 P. Interest expense on Business Loans R. Insurance Liability S. Charitable Contribution to Columbia T. Repairs on Equipment (coping and printing machines) U Miscellaneous Expense Office supplies for resale: Beginning Inventory S15000.00. Ending Inventory S9,000 Prior to 2016 JANE's business purchased the equipment listed below. No section 179 deductions were taken on this equipment. Office equipment June 2011 S11000 Office equipment Duly 2013 S15000 Office equipment Jan 2013 SI4000 $28000 June 2013 4 Copy Machines ($7000 Equipment 2016 Purchases Two (2) Computers were purchased at S3000 each on March 7, 2016 Computer's are a 5 year recovery life. A new copying/printing system was purchased ats24150 on June 6 2016. A section 179 deduction was taken
