Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need to complete form 1040, Schedule A, Schedule C, Schedule SE, Form 4562 and From 4684. Help, please. In 2017, Bill B. $62,000, with

image text in transcribed

image text in transcribed

I need to complete form 1040, Schedule A, Schedule C, Schedule SE, Form 4562 and From 4684. Help, please.

In 2017, Bill B. $62,000, with $3,200 of Federal income tax withheld and $2,500 withheld. He earned $260 in municipal bond interest a savings account at M&T ban investments ($325 Billerson (SSN 528-55-1111, Born 05/05/1975) received wages of of Utah income tax k. Bill also earned $375 in dividends from his stock 5 of which were Qualfied Dividends). Betty contributed $2,000 to a Traditional IRA. Bil's wife, Bety (sSN 528-55,222, Born 06/06/1976) operated a photography business with the following income and expenses: Sales Supplies Equipment $ 20,000 $ 6,200 $1,650 Advertising 500 Education 150 Rent $ 2,400 Inventory Purchases 350 Ending Inventory Business Mileage 585 Personal/Commuting Mileage 10000/2000 Betty purchased a new computer for photo editing on 07/06/2017 for $3,500. Apply bonus depreciation and depreciate the computer as a 5 year asset under the double declining balance method (not listed property for purposes of this assignment). Bill and Betty paid 100% of the support for their two children, Frank (SSN 528-11-3333, 05/05/1999) and Sally (SSN 528-55-4444, 06/06/2000), and the children lived with them the whole year. They received a refund of UT State Income taxes of 1,329 from the prior year. Bill and Betty paid $7,500 in hospital bills after Betty was attacked by a moose, insurance paid nothing because they had not met their deductible. Co-incident to the moose attack, a buffalo charged Bill's Tacoma and completely destroyed it, insurance paid out $4,000 and his basis was 12,000 (FMV-11,000). They paid $2,400 in property taxes for their personal residence and $8,950 in mortgage interest. They contributed $4,000 to a public charity. They also paid union dues of $260, their accountant $250 to prepare their 2016 income tax return, and $50 for a safe deposit box. Bill and the family were covered by employer sponsored healthcare for the entire year. Prepare Bill and Betty's 2017 income tax return using the forms listed below Form 1040, Schedule A, Schedule C, Schedule SE, Form 4562, Form 4684, Line 10 Worksheet, Qualified Dividend Tax Worksheet In 2017, Bill B. $62,000, with $3,200 of Federal income tax withheld and $2,500 withheld. He earned $260 in municipal bond interest a savings account at M&T ban investments ($325 Billerson (SSN 528-55-1111, Born 05/05/1975) received wages of of Utah income tax k. Bill also earned $375 in dividends from his stock 5 of which were Qualfied Dividends). Betty contributed $2,000 to a Traditional IRA. Bil's wife, Bety (sSN 528-55,222, Born 06/06/1976) operated a photography business with the following income and expenses: Sales Supplies Equipment $ 20,000 $ 6,200 $1,650 Advertising 500 Education 150 Rent $ 2,400 Inventory Purchases 350 Ending Inventory Business Mileage 585 Personal/Commuting Mileage 10000/2000 Betty purchased a new computer for photo editing on 07/06/2017 for $3,500. Apply bonus depreciation and depreciate the computer as a 5 year asset under the double declining balance method (not listed property for purposes of this assignment). Bill and Betty paid 100% of the support for their two children, Frank (SSN 528-11-3333, 05/05/1999) and Sally (SSN 528-55-4444, 06/06/2000), and the children lived with them the whole year. They received a refund of UT State Income taxes of 1,329 from the prior year. Bill and Betty paid $7,500 in hospital bills after Betty was attacked by a moose, insurance paid nothing because they had not met their deductible. Co-incident to the moose attack, a buffalo charged Bill's Tacoma and completely destroyed it, insurance paid out $4,000 and his basis was 12,000 (FMV-11,000). They paid $2,400 in property taxes for their personal residence and $8,950 in mortgage interest. They contributed $4,000 to a public charity. They also paid union dues of $260, their accountant $250 to prepare their 2016 income tax return, and $50 for a safe deposit box. Bill and the family were covered by employer sponsored healthcare for the entire year. Prepare Bill and Betty's 2017 income tax return using the forms listed below Form 1040, Schedule A, Schedule C, Schedule SE, Form 4562, Form 4684, Line 10 Worksheet, Qualified Dividend Tax Worksheet

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

ISO 9000 Family Of Standards With Extracts From ISO 9001 Audit Trail

Authors: David John Seear

1st Edition

1477226400, 978-1477226407

More Books

Students also viewed these Accounting questions