Need Help answering the individual comprehensive tax #4 (shown above) problem in C of taxation of individuals and business entities 2019 (updated)

Required: Employee wages nurance on office content: Accounting services Mincellaecus office expense Uilities and telephone Payroll taxe Use the folloming infoemation to complete Phillip and Claire Damphy's 2017 federal income tax return. If any infocmation ia missing, use reasceable assomptions to fill in the gapa. Ignore the atemative minimom tax or thia problem. 1.120 2,100 500 Any required forms, schedales, and instractioms can be found et the IRS website (www.irs gov). The instructions can be belpful in completing the forms 1. Phillip and Claire ane manried and file a joint return Phillip is self-emploged a a real esate ageet, and Claire is a fligr To be calculated attendant. Fhillip and Claire have tree dependent childrem. All three chaldren live at home with Ptillip and Claire for the entire On March 20, Fhillip moned his businesa cut of the old offices at L103 Allium Lane into awly constructed and equipped office on Groce Steeet Philip sold the old office building and ll its furnishinga. Phillip's espenditures for the sew office building are as follows: The Danphys provide you with the following additional insormation: The Dumphrys do not want to contribute to the presidential election campaign. The Dunphy live at 3701 Brighton Avenue. Loa Angeles, Calin90018. Date Acquired 3/20 3/20 3/20 Cost 300,000 Phillip's birthday is 11/5V1971 and his Social Security number is 321-3 5766. Claire's birthday is S/12/1974nd her Social Secarity mumber ia 567--1258 Office building Haley's birthday is 116/2005 and her Sociel Security mmber is 621-XX-7592 Alex'sbirthday is 21/2007 and ber Social Secuity number is 6215751 Computer syotern Lukce's birthday is 1212/2011 d hia Social Secarity number ia 621--9926 The Dumphrys do not heve any foreign benk accounts or trusts 2. Claire is a flight attendant for Western Amecican Airlinea (WAA). whece she eaned $57,000 in alary. WAA withheld federal Phillip compraten hia cont reconery allomance asing MACRS. He mould lie to ae the 8179 immediate expenzing, bat he has elected to nct claim any bonas depreciation. Phiip has never claimed $179 or bos depreciation betoce. The assers Fhallip old on March 20 are as follaw income tax of $6 375, atae income tax of $1,800, Los Angeles city income tax of $675, Social Securiry t of $3,600, and Medicare tax of S825 3. Phillip ard Claire received $300 of interest from State Savings Bank on a joint account. They also received a qualified dividend Sales OriginalAcculated Depreciation as of Beginning of the oe $395 onjointly owned stock in Xila Coaponcion 4 Phillip's fall-time real estate basiness is named Phillap Dumpy Realry." His busimess is located a 645 Grove Street, Los LULL Office building 940,000 900,000 200,000 100,000 50,000 239,000 10,000 324,000 100,000 120,000 $129,825 Angele Califoenia 90018, and his employ identification number is 93-3466666. Pillip grous receipta during the year mere $730 000. Phillip uses the cash method of accounning for hia basinesa. Phillip's basiness expenses are as tallow S 5,000 Professional dues Professional journals Emplogee wage Insurance on ofice contents Accounting services Miscellamecus office expense 900 222.782 67,524 1,120 0,000 50,000 10,000 Phallip has sever sold any assets relaning to his basinesa before thia trarsacsion. The Daphys vold 60 shares of Fizbo Coepcration comon stock on Septembes 3 or S65 a share (minus a $50 total commisaionThe Dunphys purchazed the stock on November 8, 2016, for $90 hare Theyalo sold a painting fox $13,000 o March 1. Claire purchssed the peinting for $20,050 on September 1, 2010, 83 m imestment . The Dphys filed their 2016 federal, tate, and local retars on April 13, 2017. They paid the following additional 2016 taxe with their sefederal income tes of $30, state income taxes of $250, and city income taxes of $75. The Dphys made timely estimated federal income tax payments of $17,000 each gaarter dning 2017. They also mads estimated state income tax puymests of $1,000 each quarter und estimated city incone taxs payments of $300 each quarter. The Dunphys made all urth-qoarter payments on December 31 2017 They would likce to receive arefund Sor any overparmenta Required: Emplayee wages Insurance on office contenta Accounting services Miscellanecus office expense Ualstes and telephone Payroll taxes Use the following information to complete Phillip and Claire Dunphys 2017 federal income tax return. If any information s missing, ase ressonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem Any required forms, schedules, and instructions can be found at the IRS webaute (www.in.gov). The instructions can be helpful in completing the forma. 1,120 2,100 500 3,600 1. Phallip and Claire re married and file a joint return. Phillpiself employed a a real estate agent, and Claire is a flight To be caleulated attendant. Phillip and Claire have three dependent children. All three children live at home with Phillip and Claire for the entire On March 20, Phillip moved his business out of the old offices at 1103 Allum Lane into a newly constructed and equippesd office on Grone Street Phillip sold the old office building and all its farnishings Phillip's expendirares for the new office building are as followa The Dunpbya provide you with the following additional information The Dunpbra do not want to contribute to the presidential election campaign. . The Dranplhya live at 3701 Brighton Avenue, Los Angeles, Califomia 90018. Date Acquired $ 300000 Phallip's birthday is 115/1971 and his Social Security momber is 321-XX-5766. Claire's birthday isS/12/1974 and bet Social Security mumber is 567 XX 1258. Office building Haley's birthday is 11/6/2005 and her Social Security number is 621-K-7592 - Alex's birthday is 2/1/2007 and er Social Security number is 621-XX-8751, 200,000 350,000 150,000 Computer system Luke's birthday is 12/12/2011 and his Social Security number is 621 XX 9926. The Dunphys do not have any foreign bank accounts or trusts 2 Claire is a flight attendant for Western American Airlines (WAA), where she earned $57,000 in salary: WAA withheld federal Phillip computes his cout recovery allowance uing MACRS. He would like to use tbe 8179 immediate expensing, but he bas elected to not claim any banui depreciation. Phillip haa never claimed 179 or bonus depreciation before The aneta Phillip sold on March 20 are as follom income tax o S6,375, state income tax of S1,800, Los Angeles city income tax of $675, Social Security tax of $3,000, and Medicare tax of $825 of $395 on jointly owned stock in Xila Corporation. Angeles, Califcenia 90018, and his empleyer identification numbet is 93-3488888. Phillip's gross receipts during the year were Pallip and Claire received $300 of interest from State Savings Bank on a jcant account. They also received a qualified dividend Date Sales Originl Accumulated Depreciation as of Beginning of the Cost Office bailding 940,000 900,000 200,000 100.000 50,000 239.000 10,000 324,000 100,000 120,000 4. Phillip's fall-time real estate business is named "Phillip Danphy Realty" Hia basiness is located at 645 Grove Street, Los 5V1/11 $129,825 $730,000. Phillip uses the cash method of accounting for his business. Phillip's business expenses are as follows 5,000 800 200 48,000 1,120 2,100 500 SL11 Professional dues 8/13/13 222,782 67,524 Employee wages Insarance on office contents Accounting sevices Miscellaneous ofice expense 5/13/15 30,000 50000 10.000 Phillip has never sold any asseta relating to his businesa before this transaction 5. The Danphys sold 60 shares of Fizbo Corporation common stock on September 3 for S65 a share (minus a $50 tota! commission). The Danphys purchased the stock on Nowember 8, 2016, for $90 a share. They also sold a painting for $13,000 on March 1. Claire purchased the painting for $20,050 on Sepeember 1, 2010, as an investment. with their retarnsfederal income taxes of $630, state income taxes of $250, and ciry income taxes of $75 estimated stste income tax peymerts of $1,000 each quarter and estimated city income tax paymeets of $300 each guarter. The 6. The Dunphys filed their 2016 federal state, and local returra on April 13, 2017. They paid the foloming additional 2016 taxes 7. The Dunphys made timely estimated federal income tax payments of $17,000 each qaer during 2017, They also made Dunphys made all fourth-quarter payments on Decembe 31. 2017. They would like to receive a refund for any ovecpayments. & Phillip and Claire have qualifying insarance for purposes of the Affordable Care Act (ACA). Required: Employee wages nurance on office content: Accounting services Mincellaecus office expense Uilities and telephone Payroll taxe Use the folloming infoemation to complete Phillip and Claire Damphy's 2017 federal income tax return. If any infocmation ia missing, use reasceable assomptions to fill in the gapa. Ignore the atemative minimom tax or thia problem. 1.120 2,100 500 Any required forms, schedales, and instractioms can be found et the IRS website (www.irs gov). The instructions can be belpful in completing the forms 1. Phillip and Claire ane manried and file a joint return Phillip is self-emploged a a real esate ageet, and Claire is a fligr To be calculated attendant. Fhillip and Claire have tree dependent childrem. All three chaldren live at home with Ptillip and Claire for the entire On March 20, Fhillip moned his businesa cut of the old offices at L103 Allium Lane into awly constructed and equipped office on Groce Steeet Philip sold the old office building and ll its furnishinga. Phillip's espenditures for the sew office building are as follows: The Danphys provide you with the following additional insormation: The Dumphrys do not want to contribute to the presidential election campaign. The Dunphy live at 3701 Brighton Avenue. Loa Angeles, Calin90018. Date Acquired 3/20 3/20 3/20 Cost 300,000 Phillip's birthday is 11/5V1971 and his Social Security number is 321-3 5766. Claire's birthday is S/12/1974nd her Social Secarity mumber ia 567--1258 Office building Haley's birthday is 116/2005 and her Sociel Security mmber is 621-XX-7592 Alex'sbirthday is 21/2007 and ber Social Secuity number is 6215751 Computer syotern Lukce's birthday is 1212/2011 d hia Social Secarity number ia 621--9926 The Dumphrys do not heve any foreign benk accounts or trusts 2. Claire is a flight attendant for Western Amecican Airlinea (WAA). whece she eaned $57,000 in alary. WAA withheld federal Phillip compraten hia cont reconery allomance asing MACRS. He mould lie to ae the 8179 immediate expenzing, bat he has elected to nct claim any bonas depreciation. Phiip has never claimed $179 or bos depreciation betoce. The assers Fhallip old on March 20 are as follaw income tax of $6 375, atae income tax of $1,800, Los Angeles city income tax of $675, Social Securiry t of $3,600, and Medicare tax of S825 3. Phillip ard Claire received $300 of interest from State Savings Bank on a joint account. They also received a qualified dividend Sales OriginalAcculated Depreciation as of Beginning of the oe $395 onjointly owned stock in Xila Coaponcion 4 Phillip's fall-time real estate basiness is named Phillap Dumpy Realry." His busimess is located a 645 Grove Street, Los LULL Office building 940,000 900,000 200,000 100,000 50,000 239,000 10,000 324,000 100,000 120,000 $129,825 Angele Califoenia 90018, and his employ identification number is 93-3466666. Pillip grous receipta during the year mere $730 000. Phillip uses the cash method of accounning for hia basinesa. Phillip's basiness expenses are as tallow S 5,000 Professional dues Professional journals Emplogee wage Insurance on ofice contents Accounting services Miscellamecus office expense 900 222.782 67,524 1,120 0,000 50,000 10,000 Phallip has sever sold any assets relaning to his basinesa before thia trarsacsion. The Daphys vold 60 shares of Fizbo Coepcration comon stock on Septembes 3 or S65 a share (minus a $50 total commisaionThe Dunphys purchazed the stock on November 8, 2016, for $90 hare Theyalo sold a painting fox $13,000 o March 1. Claire purchssed the peinting for $20,050 on September 1, 2010, 83 m imestment . The Dphys filed their 2016 federal, tate, and local retars on April 13, 2017. They paid the following additional 2016 taxe with their sefederal income tes of $30, state income taxes of $250, and city income taxes of $75. The Dphys made timely estimated federal income tax payments of $17,000 each gaarter dning 2017. They also mads estimated state income tax puymests of $1,000 each quarter und estimated city incone taxs payments of $300 each quarter. The Dunphys made all urth-qoarter payments on December 31 2017 They would likce to receive arefund Sor any overparmenta Required: Emplayee wages Insurance on office contenta Accounting services Miscellanecus office expense Ualstes and telephone Payroll taxes Use the following information to complete Phillip and Claire Dunphys 2017 federal income tax return. If any information s missing, ase ressonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem Any required forms, schedules, and instructions can be found at the IRS webaute (www.in.gov). The instructions can be helpful in completing the forma. 1,120 2,100 500 3,600 1. Phallip and Claire re married and file a joint return. Phillpiself employed a a real estate agent, and Claire is a flight To be caleulated attendant. Phillip and Claire have three dependent children. All three children live at home with Phillip and Claire for the entire On March 20, Phillip moved his business out of the old offices at 1103 Allum Lane into a newly constructed and equippesd office on Grone Street Phillip sold the old office building and all its farnishings Phillip's expendirares for the new office building are as followa The Dunpbya provide you with the following additional information The Dunpbra do not want to contribute to the presidential election campaign. . The Dranplhya live at 3701 Brighton Avenue, Los Angeles, Califomia 90018. Date Acquired $ 300000 Phallip's birthday is 115/1971 and his Social Security momber is 321-XX-5766. Claire's birthday isS/12/1974 and bet Social Security mumber is 567 XX 1258. Office building Haley's birthday is 11/6/2005 and her Social Security number is 621-K-7592 - Alex's birthday is 2/1/2007 and er Social Security number is 621-XX-8751, 200,000 350,000 150,000 Computer system Luke's birthday is 12/12/2011 and his Social Security number is 621 XX 9926. The Dunphys do not have any foreign bank accounts or trusts 2 Claire is a flight attendant for Western American Airlines (WAA), where she earned $57,000 in salary: WAA withheld federal Phillip computes his cout recovery allowance uing MACRS. He would like to use tbe 8179 immediate expensing, but he bas elected to not claim any banui depreciation. Phillip haa never claimed 179 or bonus depreciation before The aneta Phillip sold on March 20 are as follom income tax o S6,375, state income tax of S1,800, Los Angeles city income tax of $675, Social Security tax of $3,000, and Medicare tax of $825 of $395 on jointly owned stock in Xila Corporation. Angeles, Califcenia 90018, and his empleyer identification numbet is 93-3488888. Phillip's gross receipts during the year were Pallip and Claire received $300 of interest from State Savings Bank on a jcant account. They also received a qualified dividend Date Sales Originl Accumulated Depreciation as of Beginning of the Cost Office bailding 940,000 900,000 200,000 100.000 50,000 239.000 10,000 324,000 100,000 120,000 4. Phillip's fall-time real estate business is named "Phillip Danphy Realty" Hia basiness is located at 645 Grove Street, Los 5V1/11 $129,825 $730,000. Phillip uses the cash method of accounting for his business. Phillip's business expenses are as follows 5,000 800 200 48,000 1,120 2,100 500 SL11 Professional dues 8/13/13 222,782 67,524 Employee wages Insarance on office contents Accounting sevices Miscellaneous ofice expense 5/13/15 30,000 50000 10.000 Phillip has never sold any asseta relating to his businesa before this transaction 5. The Danphys sold 60 shares of Fizbo Corporation common stock on September 3 for S65 a share (minus a $50 tota! commission). The Danphys purchased the stock on Nowember 8, 2016, for $90 a share. They also sold a painting for $13,000 on March 1. Claire purchased the painting for $20,050 on Sepeember 1, 2010, as an investment. with their retarnsfederal income taxes of $630, state income taxes of $250, and ciry income taxes of $75 estimated stste income tax peymerts of $1,000 each quarter and estimated city income tax paymeets of $300 each guarter. The 6. The Dunphys filed their 2016 federal state, and local returra on April 13, 2017. They paid the foloming additional 2016 taxes 7. The Dunphys made timely estimated federal income tax payments of $17,000 each qaer during 2017, They also made Dunphys made all fourth-quarter payments on Decembe 31. 2017. They would like to receive a refund for any ovecpayments. & Phillip and Claire have qualifying insarance for purposes of the Affordable Care Act (ACA)