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JUDrive, Pictures/401%2001%2016%20CP%20Facts%20520%20PDF.pdf Books Business | eBay Education H HaleHawaiian I... M Inbox (1,354) Il Games Movies, Comprehensive Problem Chapter 16 2019 Tax Year ACC 401 Use the following information to compute Ashley Panda's 2019 federal income tax payable amount or tax refund amount. Complete your calculations using the designated excel worksheet, and follow the instructions on the comprehensive problem information sheet. You may find it useful to reference the following forms while completing this comprehensive problem: Form 1040, Schedule 1, Schedule A and Schedule C. Facts: Ashley Panda is single and has a 20 year old son named Bill Bill lives with Ashley and she fully supports him. Bill spent 2019 traveling in Asia and was not a student. In 2019 Bill had gross income of $5,225 Ashley owns and operates Panda Enterprises, LLC, a data processing service company. Panda Enterprises' cash basis 2019 P&L Statement, generated in QuickBooks accounting software, shows the following: revenues of $335,000, office expense of $66,760, employee salary of $63,000, employee payroll taxes of $4,820, health insurance premiums of $19,900, total legitimate business meal expenses of $8,000, and rent expense of $34,200. There is no depreciation for either book or tax in 2019 because all depreciable equipment owned has been fully depreciated in previous years The portion of the health insurance premiums paid to cover the employee was $6,350. The portion of the premium paid to cover Ashley was $8,200, and the remainder of the cost was for Bill's coverage. Ashley has an extensive stock portfolio and has prepared the following analysis. Stock # of Shares Date Purchased FF 10 Date Sold Per Share Cost Per Share Selling Price Total Dividends 10/11/19 $ 82 $ 60 $ 150 10/11/19 179 185 10/11/19 6 9 UU 10/22/18 8/5/09 3/16/19 35 NN 15 42 170 Note: Ashley received a Form 1099-B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual cash dividends received in 2019 and are both ordinary dividends (rather than liquidating dividends) and qualified dividends. Ashley received $900 of interest income from state of Ohio bonds and $410 of interest income on her First Savings Bank account. She paid $12,000 of alimony to her former husband whom she divorced in 2016, and $30,000 of estimated federal income tax payments for 2019. Ashley itemizes her deductions and had the following items, which may be relevant to her return: Item Amount Notes Unreimbursed medical expenses all for Ashley's visits to her doctors State income taxes paid Real property taxes on personal residence $3,259 2,680 4,720 5,829 2,940 Interest paid on home mortgage Charitable contributions $200K acquisition loan secured by residence checks paid to Ashley's church amount from IRS sales tax table State sales taxes 619 F22 3 ACC 401 Ch 16 Comprehensive Problem Solution 5 Gross Income Schedule C W Total Gross Income PE 160,605 Deductions for AGI Ashley Sched C profit x92 35% (7.65% reduction) x 2.9% medicare tax rate 12.4% SS tax rate x 132,900 Total SE tax x 50% of SE tax > $132,900 SS threshold Total Deductions for AGI 35,877 20,654 AGI 20 Itemized Deductions: Total Itemized Deductions 16,169 MII QBI (itemize as greater than standard deduction) Tl before QBI Ded Less: Less: Total MTI Sched C profit Less: Less: Total QBI 30 Qualified Business Income Deduction: Lesser of MTI or QBI X 20% QBI Deduction 20% 33 Single tax on Taxable income Less Less Ti taxed at ordinary rates 83,387 Tax on Il taxed at ordinary rates * This > $39,375 & $132,900 SS threshold Total Deductions for AGI 35,877 20,654 AGI 20 Itemized Deductions: Total Itemized Deductions 16,169 MII QBI (itemize as greater than standard deduction) Tl before QBI Ded Less: Less: Total MTI Sched C profit Less: Less: Total QBI 30 Qualified Business Income Deduction: Lesser of MTI or QBI X 20% QBI Deduction 20% 33 Single tax on Taxable income Less Less Ti taxed at ordinary rates 83,387 Tax on Il taxed at ordinary rates * This > $39,375 &