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help with this to input into financial sheets Part 1 of 2 The Progressive Tax Return project will start with the 2019 Form 1040 Page
help with this to input into financial sheets
Part 1 of 2 The Progressive Tax Return project will start with the 2019 Form 1040 Page 1 & 2 and the Schedule B. You will recall we had municipal non-taxable interest in our LearnSmart homework. You will print out the tax forms and begin preparing the return by hand. Part 2 of 2 will add additional data to your return. Do Not Calculate Final Tax until you add Part 2 of 2. At the end of the semester you will calculate your tax return and post it for grading (Activities / Assignments). This will require you scan all the pages into one document. 2019 Form 1040 Page 1 & 2 Edward and Sally Chardon were married in 2010 and file a joint federal income tax return. Edward was born on September 15, 1978 and Sally was born on February 14, 1977. They have one son, Edward Jr. who was born on Sally's birthday in 2011. Edward, Jr. is their dependent, they support him 100%, and has lived with them the entire year of 2019. The Chardon family resides at 123 Anywhere Street, Farmersville, TX 75442 Social Security# Edward Chardon SS# 111-22-3333 Sally Chardon SS# 111-22-4444 Edward Chardon, Jr. SS# 111-22-5555 2019 Form 1040 Schedule B 2019 Chase Bank 1099-INT 2019 Dallas City Municipal Bond Interest 1099-INT 2019 Fidelity Magellan Fund Dividends 1099-DIV $ 44 $ 1000 $ 475 The Progressive Tax Return project now adds Schedules 1, A, C, E and SE. You will not be able to total Schedule C & E (rental property) until we get to the property depreciation chapter 10. You can fill in revenues and expenses now. You will print out the tax forms and begin preparing the return by hand. Integrate the following project information with Part 1 Form 1040 Page 1 & 2 and Schedule 1. Chapter 5 and 6 are sources for this additional data added to your tax return. Edward Chardon (W-2) Edward Chardon works for Imagination, LLC as a graphic artist and is paid wages with the appropriate taxes withheld. His 2019 W-2 information (which is reported on Form - 1040 Page 1 Lines 1 and 17). Federal Taxable Wages = $ 66,000 Federal Income Tax Withheld = $ 9,000 Edward & Sally Itemized Deductions (Schedule A) If the Schedule A exceeds the standard deduction of a married, filing jointly taxpayer(s) then line 17 Sch A is carried to 1040 Line 9 Edward, Sally and Edward, Jr. are covered by health insurance, paid for through Edward's W-2 job. They do have $1,300 of out-of-pocket Dental and Medical expenses which need recorded on Schedule A. Line 1. Follow the instructions on schedule A using .075 limitation They own their home at pay $7,200 of real estate taxes per year. They pay no other state or local income taxes as residents of Texas. The Chardon's pay mortgage interest of $17,235, on their home mortgage ($300,000 mortgage balance, original mortgage loan borrowing was $375,000). They pay no points or other deductible interest. S UI guiI usuuuuUI IIgs TESI. Cash gifts to the Chardon's house of worship, made in 2019, was $5,000. They also donated household goods to Goodwill at a fair value of $165. Sally Chardon (Schedule C) Sally Chardon owns a flower shop. She is self-employed. Her flower shop advertises under the name 'Basket full of Posies" and is located at 124 Anywhere Street, Farmersville, TX 75442. Sally has an EIN 45-1234567. Look up her principal business classification and code on irs.gov, Form Schedule C Instructions, Sally works alone and has no one for which she is required to file forms 1099. Sally Chardon (Schedule C) Sally Chardon owns a flower shop. She is self-employed. Her flower shop advertises under the name "Basket full of Posies" and is located at 124 Anywhere Street, Farmersville, TX 75442. Sally has an EIN 45-1234567. Look up her principal business classification and code on irs.gov, Form Schedule C Instructions. Sally works alone and has no one for which she is required to file forms 1099. Cash Basis Income and Expenses: Gross receipts $ 75,000 Sales discounts 250 Beginning inventory of flowers 2,225 Ending inventory of flowers 750 Purchases of flowers during 2019 18,500 Advertising 1,200 Depreciation (Depreciation will be calculated for her store equipment in Chapter 10) Insurance 450 Professional fees 750 Office expenses 425 Repairs and Maintenance 335 Supplies 1,315 Licenses 25 Utilities 780 Other Expenses: Amortization of flower shop franchise 1,250 Sally Chardon (Schedule E) Sally receives $ 350 per month Royalties income from a natural gas property in Tecumseh, Oklahoma (Page 1, Part I, Property A) Sally received a Form 11205 Sub-Chapter S Corporation K-1 from her family business, Sow and Seeds, LLC (EIN 25-1234567). Her share of nonpassive ordinary income for 2019 WAS S5.235 (Paon? Part II Property Al Part 1 of 2 The Progressive Tax Return project will start with the 2019 Form 1040 Page 1 & 2 and the Schedule B. You will recall we had municipal non-taxable interest in our LearnSmart homework. You will print out the tax forms and begin preparing the return by hand. Part 2 of 2 will add additional data to your return. Do Not Calculate Final Tax until you add Part 2 of 2. At the end of the semester you will calculate your tax return and post it for grading (Activities / Assignments). This will require you scan all the pages into one document. 2019 Form 1040 Page 1 & 2 Edward and Sally Chardon were married in 2010 and file a joint federal income tax return. Edward was born on September 15, 1978 and Sally was born on February 14, 1977. They have one son, Edward Jr. who was born on Sally's birthday in 2011. Edward, Jr. is their dependent, they support him 100%, and has lived with them the entire year of 2019. The Chardon family resides at 123 Anywhere Street, Farmersville, TX 75442 Social Security# Edward Chardon SS# 111-22-3333 Sally Chardon SS# 111-22-4444 Edward Chardon, Jr. SS# 111-22-5555 2019 Form 1040 Schedule B 2019 Chase Bank 1099-INT 2019 Dallas City Municipal Bond Interest 1099-INT 2019 Fidelity Magellan Fund Dividends 1099-DIV $ 44 $ 1000 $ 475 The Progressive Tax Return project now adds Schedules 1, A, C, E and SE. You will not be able to total Schedule C & E (rental property) until we get to the property depreciation chapter 10. You can fill in revenues and expenses now. You will print out the tax forms and begin preparing the return by hand. Integrate the following project information with Part 1 Form 1040 Page 1 & 2 and Schedule 1. Chapter 5 and 6 are sources for this additional data added to your tax return. Edward Chardon (W-2) Edward Chardon works for Imagination, LLC as a graphic artist and is paid wages with the appropriate taxes withheld. His 2019 W-2 information (which is reported on Form - 1040 Page 1 Lines 1 and 17). Federal Taxable Wages = $ 66,000 Federal Income Tax Withheld = $ 9,000 Edward & Sally Itemized Deductions (Schedule A) If the Schedule A exceeds the standard deduction of a married, filing jointly taxpayer(s) then line 17 Sch A is carried to 1040 Line 9 Edward, Sally and Edward, Jr. are covered by health insurance, paid for through Edward's W-2 job. They do have $1,300 of out-of-pocket Dental and Medical expenses which need recorded on Schedule A. Line 1. Follow the instructions on schedule A using .075 limitation They own their home at pay $7,200 of real estate taxes per year. They pay no other state or local income taxes as residents of Texas. The Chardon's pay mortgage interest of $17,235, on their home mortgage ($300,000 mortgage balance, original mortgage loan borrowing was $375,000). They pay no points or other deductible interest. S UI guiI usuuuuUI IIgs TESI. Cash gifts to the Chardon's house of worship, made in 2019, was $5,000. They also donated household goods to Goodwill at a fair value of $165. Sally Chardon (Schedule C) Sally Chardon owns a flower shop. She is self-employed. Her flower shop advertises under the name 'Basket full of Posies" and is located at 124 Anywhere Street, Farmersville, TX 75442. Sally has an EIN 45-1234567. Look up her principal business classification and code on irs.gov, Form Schedule C Instructions, Sally works alone and has no one for which she is required to file forms 1099. Sally Chardon (Schedule C) Sally Chardon owns a flower shop. She is self-employed. Her flower shop advertises under the name "Basket full of Posies" and is located at 124 Anywhere Street, Farmersville, TX 75442. Sally has an EIN 45-1234567. Look up her principal business classification and code on irs.gov, Form Schedule C Instructions. Sally works alone and has no one for which she is required to file forms 1099. Cash Basis Income and Expenses: Gross receipts $ 75,000 Sales discounts 250 Beginning inventory of flowers 2,225 Ending inventory of flowers 750 Purchases of flowers during 2019 18,500 Advertising 1,200 Depreciation (Depreciation will be calculated for her store equipment in Chapter 10) Insurance 450 Professional fees 750 Office expenses 425 Repairs and Maintenance 335 Supplies 1,315 Licenses 25 Utilities 780 Other Expenses: Amortization of flower shop franchise 1,250 Sally Chardon (Schedule E) Sally receives $ 350 per month Royalties income from a natural gas property in Tecumseh, Oklahoma (Page 1, Part I, Property A) Sally received a Form 11205 Sub-Chapter S Corporation K-1 from her family business, Sow and Seeds, LLC (EIN 25-1234567). Her share of nonpassive ordinary income for 2019 WAS S5.235 (Paon? Part II Property Al Step by Step Solution
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