Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help on the attached problem. I don't know how to even start. Or finish. Can any one help me? Professor wants us to

I need help on the attached problem. I don't know how to even start. Or finish. Can any one help me? Professor wants us to Use Drake Software but he hasn't show us how to use and it is very confusing. I don't know what forms he is wanting he said if I didn't use drake I would have to know what forms to turn in.

image text in transcribed Anna Hexter (DOB 4/16/1972), a corporate account manager with a cell phone company, is single. She has a daughter, Grace, qualifying as a dependent. Grace resided in Anna's home for the entire year. (245-09-8276, DOB 2/10/1998). Additional information about Ms. Hexter: a Control number OMB No. 1545-0008 b. Employer identification number 57-5286931 1 Wages, tips, other compensation 2 Federal income tax withheld $6,261.00 $65,000.00 c. Employer's name, address, and ZIP code Phones R Us 52 Conversation Ave Asheville, NC 28803 3 Social security wages 4 $66,200.00 5. Medicare wages and tips 5 Employee's social security number 488-12-7004 e. Employee's name, address, and ZIP code Anne Hexter 501 Southside Court Asheville, NC 28801 Medicare tax withheld $960.00 $66,200.00 d. Social security tax withheld $4,104.00 7 Social security tips 8 Allocated tips 9 Advance EIC payment 10 Dependent care benefits 11. Nonqualified plans 12 Benefits included in box 13 See instrus for box 13 14 Other 15 Statutory C 1,000.00 D 1,200.00 Deceased employee Compensation x Pension plan Legal rep. Deferred 16 State NC Employer's state I.D. no. 17 State wages, tips, etc.. 112277889 $65,000.00 $2,940.00 18 State income tax 19 Locality name 20 Local wages, tips, etc She also had the following income: Dividends Disney (All Qualified) Dividends Inland Retail Prop ($420 qualified) Interest Asheville Savings and Loan Interest on City of Asheville Bonds Gambling winnings at Harrahs Expenses: Braces for daughter Health club membership Life insurance premiums Vitamins, cold remedies other over the counter health treatments Prescriptions for Anna Prescriptions for Grace Doctor's visits Anna Doctor's visits Grace Surgery for knee replacement Eyelid lift and Botox for Anna Crutches etc when Grace broke her leg in soccer State sales taxes 21 Local income tax 378 571 267 175 $ 1,410 3,870 500 1,250 120 221 635 309 445 3,250 2,794 139 480 Property taxes on home Automobile property tax (based on value of vehicle) Interest: Home mortgage Home equity loan 1,820 93 7,410 943 Credit cards Cash contribution to United Way 322 580 Cash contributed to AB Tech Foundation: 390 Cash contribution to First Church Dues to the Asheville Country Club Clothing given to Goodwill (Cost 700, FMV 240) Gambling losses Fee for preparation of prior year tax return Uniforms Safety deposit box 1000 220 2680 250 368 40 Anna owns a rental house at 25 Seminole Lane in Asheville (28801). The cost of the house was $150,000, $20,000 of which was land value. She purchased it new on Jan 3, 2001 and depreciation on the house is $4,727 per year. Anna made management decisions concerning operating the property. Anna received $9,200 rent and a $750 security deposit during the year. The previous tenant moved out on June 1 and Anna had a tenant ready to move in. The previous tenant did not forfeit his security deposit. Rental expenses are: Commission to rental agency Cleaning rental unit Plumbing repair to rental unit Yard work Property insurance Bank mortgage interest Pest control Real estate taxes 350 400 780 490 610 6,390 426 891 Other information: Reimbursement from insurance company for braces $1,200 She received $400 a month in alimony from her ex-husband Bob Hexter (462-91-7943). This will be reduced to $300 per month when her daughter turns 18. Anna itemized taxes last year and received a NC state refund of $686

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-15

Authors: James A Heintz, Robert W Parry

19th Edition

0324376162, 978-0324376166

More Books

Students also viewed these Accounting questions

Question

What is one example of a lack of orthogonality in the design of C?

Answered: 1 week ago

Question

13. Give four examples of psychological Maginot lines.

Answered: 1 week ago