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I need a more detailed answer to this pretty complex question. Somone please provide a detailed response in APA format. Comprehensive Problem 2 Background: The
I need a more detailed answer to this pretty complex question. Somone please provide a detailed response in APA format.
Comprehensive Problem 2 Background: The following information relates to one of our client: Maryann Miller. Maryann is contemplating marriage and wants to know the tax ramifications of this. The director of the Firm has requested that you research this situation and deliver and executive summary. It is expected that you provide calculations relating to at least 4 possible scenarios and identify the position that should be recommended to the client. State all your assumptions and make sure to provide evidence to support your position. Maryann Miller is single, 28 years old, and lives with her father, Joe, who is 68 years old. Joe is retired and receives social security in the amount of $1,282 per month which he deposits into a savings account. That is his only income. Joe own his home which as a fair market value of $274,000 but Maryann pays all the monthly expenses of the household. The following data relates to Maryann's prior year income: Salary $69,500 Fed Taxes Withheld $7,800 State Taxes Withheld $2,641 Local Taxes Withheld $695 Interest Income $895 Dividend Income $1,250 20xx Med Health Insurance Paid $2,160 20xx Medical Expenses Paid $3,100 Real Estate Taxes on Home (9/2/xx) $5,200 20xx Church Contributions $2,100 United Way Contributions (7/3/xx) $350 American Red Cross (10/5/xx) $400 Tsunami Relief Fund (1/16/xx) $250 Maryann is engaged to Peter Pearson. Peter is 33 years old and purchased a home in 2007 for $300,000. He has a mortgage on the house of $220,000. The current value of the home is $488,000. Peter is divorced an has a son, James, age 4 who lives with his mother Betty. Betty has remarried Barry Bellows. Peter pays $1,500 a month child support and per his divorce agreement he is entitled to claim James as his dependent. The following data relates to Peter's prior year income: Salary $89,000 Fed Taxes Withheld $14,000 State Taxes Withheld $3,382 Local Taxes Withheld $890 Interest Income $1,700 Dividend Income $2,300 20xx Med Health Insurance Paid $2,400 20xx Med Health Insurance James $680 Mortgage Interest Paid $19,000 Real Estate Taxes on Home (9/2/xx) $6,000 20xx Church Contributions $3,000 Child Support Paid $18,000 Grading Rubric The comprehensive problems will require you to interpret the tax law and apply it to a given set of circumstances. You will be provided with fundamental information upon which you must make assumptions and determinations that will form the basis for the tax position that you will recommend to the client. You must state your assumptions and cite all of your sources to support your position. EVALUATION CRITERIA: Comprehensive Problems Needs Improvement Adequate Very Good Excellent Identification of critical issues 07 8 9 10 Statement of assumptions 02 3 4 5 Identification of alternatives and the ramifications 034 of each with source citation 3539 4044 4550 Selection of bestfit solution with supporting evidence 015 1617 1819 2025 Professionally written presentation 07 8 9 10 Additional Notes: Please cite all the tax laws Please cite all sources in APA formatStep by Step Solution
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