Question
I don't see a tab for taxation. It is a tax class but it is the first level of tax in the accounting department and
I don't see a tab for taxation. It is a tax class but it is the first level of tax in the accounting department and is a required course for accounting. Can you send this to someone there that can help?
The following forms are needed to answer the question: 1040, schedule A, B, C, D, SE, 4562, 4797
Could you please prepare Form 1040 and all related schedules, forms, and worksheets for Norman and Leslie Beber for 2017 and upload photo's. The only version I found of this problem was from 2015 and the taxes have changed since then. Thank you for the help!
Norman and Leslie Beber are married and file a joint return in 2017. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Norman is a self-employed tax preparer and his SSN is 412-34-5670. Leslie is a software programmer and her SSN is 412-34-5671. They had the following income and expenses for the year:
Leslie's W-2: | ||
Gross wages | $ | 100,776 |
Social security tax | 6,248 | |
Medicare tax | 1,461 | |
Federal withholding tax | 20,035 | |
State withholding tax | 4,800 | |
Norman was the sole proprietor of NAMA Tax Service. His business is located at 123 Main Street, Marlborough, MA, 01752 and his business code is 541213. He had the following revenue and expenses:
Revenue | $ | 80,000 | |
Expenses: | |||
Advertising | 1,200 | ||
Insurance | 3,200 | ||
Telephone | 2,400 | ||
Office rent | 18,000 | ||
Utilities | 4,800 | ||
Office supplies | 5,000 | ||
Depreciation | 6,041 | (must be allocated to the 1231 assets listed next) | |
Norman had the following business assets:
Office furniture: Purchased for $4,950 on May 20, 2015. The equipment is being depreciated over seven-year MACRS 200% declining balance. Norman sold it on May 15, 2017, for $4,000.
Office equipment: Purchased a copier for $13,800 on January 10, 2017. The copier is being depreciated over five-year MACRS 200% declining balance. Norman makes no elections for 179 or bonus depreciation.
Computer and equipment: Purchased a computer system for $8,900 on January 2, 2016. The computer is being depreciated over five-year MACRS 200% declining balance. Norman makes no elections for 179 or bonus depreciation.
Norman and Leslie had the following other sources of income and deductions:
Interest from a CD in the amount of $1,410.
Long-term loss carryover from 2016 of $5,000.
Real estate taxes of $8,459.
Home mortgage interest of $14,041.
Charitable contributions in cash over the year of $1,800; all receipts and acknowledgments were received from the charitable organizations.
Norman has made four (4) quarterly installments of $625 each as estimated taxes for 2017. All estimated tax payments were paid by the due date using the 1040-ES coupons.
Prepare Form 1040 and all related schedules, forms, and worksheets for Norman and Leslie Beber for 2017. The Bebers do not donate to the presidential election campaign. Norman and Leslie had qualifying health care coverage at all times during the tax year. (Instructions can be found on certain cells within the forms. List the names of the taxpayers in the order in which they appear in the problem. Indicate losses with minus sign and enter all other values as positive amounts. Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)
Use the appropriate Tax Tables, Tax Rate Schedules and Depreciation Tables (6A-1, 6A-2, 6A-3, 6A-4 and 6A-5).
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