O 53% Excel File Edit View Insert Format Tools Data Window Help AutoSave AC 371 Chapter 6 Homework Assignment Fal 2020 Home Insert Draw Page Layout Formulas Data Review View Developer Tell me X Calibri (Body 11 AA 29 General Conditional Formatting Formats Table Paste BIU A. $ % ) 8-29 Call Styles A1 A fx Chapter 6 Individual Homework Assignment Share PER wart 5 Delete 10 Format {"49.04 Sort & Fiter Find & Select Ideas S 165,000 14,700 Bernard and Catherine remarried and have two dependent children, Monica Page 20 and Robert Monica currently in college State University, Bernard works as an engineer for manufacturing firm while Catherine erployed an architect and manages her business from their home. Neither Beard or Catherine is blind or everage 65. and they plan to lejointly. Bernd and Catherine we entitled to claimachild tax credit in the amount of 2,500 for the 4 two children 5 Using the standard format for the individual income Tax Formule, determine Bernard and Catherine's gross income, AG, taxable income tax liability and final income tax due/refund for the current year, for each income item in the note whether the item is included or excluded from grosincome in the celle which contains your supporting calculations for each expenditure, please note whether the item is deductible asa for Arduto, deductibles a from Nor" deduction, or not deductible in the Becel le which contains your supporting calculations. Bernard and Catherine have provided the following information 7 8 Income 9 Bernard's ry 10 Catherine's architect business income sole proprietor 11 12 13 Dependitures: 14 Federal income tax withheld from Bernard waga 15 State income tax withheld from Bernard's wages 16 Social Sec. Medicare tax withheld from Bernard's was 17 Real estate taxon revidence 12 State estas peld 19 Home more intent 20 Interest on personal credit card 21 Medical expendenreimbursed 22 Gambling lowes Catherine's business expenses al proprietor) Sell employment on Catherine's income 25 Cash contribution to the United Way 26 Monica's room and board at college 27 Interit on and to pay Mantuition 28 Contribution to Roth IRA account Stock contribution to church 1,000 29 10 50,000 2.250 13.322 5.000 4.350 18,000 1,400 1,345 1490 6,500 1,187 500 9.410 2.000 2,000 M: Owned for 5 years Assignment Overview Homework Caloulations + W 0 Bernard and Catherine are married and have two dependent children, Monica 20 and Robert15) Monica Currently in college at State University, Bernard works as an engineer for a manufacturing while Catherinesel engloyed as an architect and manages her business from their home NetherBernard nor Catherine is blind or over age 65, and they plan to jointly. Bernard und Catherine entitled to claim a child tax credit in the amount of 2,500 for the twoch bring the standard format for the individual income Tax Formula, determine Beard and Catherine's gou income, AGI, twee income, talability, and final income tax due/refund for the current year. For each income item in the list, please ate whether the sensindded or eduled from grom income in the Bettle which contains your supporting calculations for each perditureplease note whether the item is deductible Geduction deductibles From AGI" deduction or kindeductie is the bel flewhich contains your wpporting calculations Beard and 6 Catherine have provided the following information 7 income: Bernary Cathere's what busincome proprietor 165.000 14.700 10 11 12 11 netures 34 15 16 Federcome with from brands wages State income tax with from Bernard's Socle & Vediwetax withheld romterard'swag 19 20 21 23 Street paid Home more interest interest on pena credit card Medical gennembursed Gambling low Catherine's business expensive pronto) Selles ont tax on the income Cashonon so the United Ww Man bordo restonasto pay Monestition Carbuona Roth IRA ant Sorbution to church 1.100) 50.000 3.250 13,322 5,500 4310 13,000 1,400 1,345 1.400 301 1. 500 9.430 4509 2.000 2.000 EMU Owned for years 20 29 31 Edit View Insert Format Tools Data Window Help AutoSave OFF AC 371 Chapte ome Insert Draw Page Layout Formulas Data Review View Devel Calibri (Body) 11 A Number Paste BIU V a. Av $ % 16 x fx not deductible Bernard and Catherine are married and have two dependent children, Monica (age 20) and Robert (age 15). Monicals currently in college at State University. Bernard works as an engineer for a manufacturing firm while Catherine is self- employed as an architect and manages her business from their home. Neither Bernard nor Catherine is blind or over age 65, and they plan to file jointly. Bernard and Catherine are entitled to claim a child tax credit in the amount of $2,500 for the two children. Using the star dard format for the Individual Income Tax Formula, determine Bernard and Catherine's gross income, AGI, taxable income tax liability, and final income tax due/refund for the current year. For each income item in the list, please note whether the item is included or excluded from gross income in the Excel file which contains your supporting calculations. For each expenditure, please note whether the item is (a) deductible as a "for AGI" deduction, (b) deductible as a "from AGI" deduction, or (c) not deductible in the Excel file which contains your supporting calculations. Bernard and Catherine have provided the following information: Income: Expenditures: F SI SC RE St He In . Ca Sel Ca: Ma Int: Cor 8 00 0 Cell Styles Format v B C (age 15). Monica is ile Catherine is self- ine is blind or over age 65, mount of $2,500 for the ne's gross income, AGI, come item in the list, please your supporting Seduction, (b) deductible as Iculations. Bernard and Bernard's salary Catherine's architect business income (sole proprietor) 165,000 14,700 gros Federal income tax withheld from Bernard's wages State income tax withheld from Bernard's wages Social Sec. & Medicare tax withheld from Bernard's wages Real estate tax on residence State sales tax paid Home mortgage interest Interest on personal credit card Medical expenses (unreimbursed) Gambling losses Catherine's business expenses (sole proprietor) Self-employment tax on Catherine's income Cash contribution to the United Way Monica's room and board at college Interest on loans to pay Monica's tuition Contribution to Roth IRA account Stock contribution to church (basis 1,000) 50,000 subt 8,250 13,322 not 5,900 4,350 18,000 1,400 1,345 subtr 1,400 not d (6,300) 1,187 halfis 500 9,410 4,500 2,000 2,000 ***FN x1 W O 53% Excel File Edit View Insert Format Tools Data Window Help AutoSave AC 371 Chapter 6 Homework Assignment Fal 2020 Home Insert Draw Page Layout Formulas Data Review View Developer Tell me X Calibri (Body 11 AA 29 General Conditional Formatting Formats Table Paste BIU A. $ % ) 8-29 Call Styles A1 A fx Chapter 6 Individual Homework Assignment Share PER wart 5 Delete 10 Format {"49.04 Sort & Fiter Find & Select Ideas S 165,000 14,700 Bernard and Catherine remarried and have two dependent children, Monica Page 20 and Robert Monica currently in college State University, Bernard works as an engineer for manufacturing firm while Catherine erployed an architect and manages her business from their home. Neither Beard or Catherine is blind or everage 65. and they plan to lejointly. Bernd and Catherine we entitled to claimachild tax credit in the amount of 2,500 for the 4 two children 5 Using the standard format for the individual income Tax Formule, determine Bernard and Catherine's gross income, AG, taxable income tax liability and final income tax due/refund for the current year, for each income item in the note whether the item is included or excluded from grosincome in the celle which contains your supporting calculations for each expenditure, please note whether the item is deductible asa for Arduto, deductibles a from Nor" deduction, or not deductible in the Becel le which contains your supporting calculations. Bernard and Catherine have provided the following information 7 8 Income 9 Bernard's ry 10 Catherine's architect business income sole proprietor 11 12 13 Dependitures: 14 Federal income tax withheld from Bernard waga 15 State income tax withheld from Bernard's wages 16 Social Sec. Medicare tax withheld from Bernard's was 17 Real estate taxon revidence 12 State estas peld 19 Home more intent 20 Interest on personal credit card 21 Medical expendenreimbursed 22 Gambling lowes Catherine's business expenses al proprietor) Sell employment on Catherine's income 25 Cash contribution to the United Way 26 Monica's room and board at college 27 Interit on and to pay Mantuition 28 Contribution to Roth IRA account Stock contribution to church 1,000 29 10 50,000 2.250 13.322 5.000 4.350 18,000 1,400 1,345 1490 6,500 1,187 500 9.410 2.000 2,000 M: Owned for 5 years Assignment Overview Homework Caloulations + W 0 Bernard and Catherine are married and have two dependent children, Monica 20 and Robert15) Monica Currently in college at State University, Bernard works as an engineer for a manufacturing while Catherinesel engloyed as an architect and manages her business from their home NetherBernard nor Catherine is blind or over age 65, and they plan to jointly. Bernard und Catherine entitled to claim a child tax credit in the amount of 2,500 for the twoch bring the standard format for the individual income Tax Formula, determine Beard and Catherine's gou income, AGI, twee income, talability, and final income tax due/refund for the current year. For each income item in the list, please ate whether the sensindded or eduled from grom income in the Bettle which contains your supporting calculations for each perditureplease note whether the item is deductible Geduction deductibles From AGI" deduction or kindeductie is the bel flewhich contains your wpporting calculations Beard and 6 Catherine have provided the following information 7 income: Bernary Cathere's what busincome proprietor 165.000 14.700 10 11 12 11 netures 34 15 16 Federcome with from brands wages State income tax with from Bernard's Socle & Vediwetax withheld romterard'swag 19 20 21 23 Street paid Home more interest interest on pena credit card Medical gennembursed Gambling low Catherine's business expensive pronto) Selles ont tax on the income Cashonon so the United Ww Man bordo restonasto pay Monestition Carbuona Roth IRA ant Sorbution to church 1.100) 50.000 3.250 13,322 5,500 4310 13,000 1,400 1,345 1.400 301 1. 500 9.430 4509 2.000 2.000 EMU Owned for years 20 29 31 Edit View Insert Format Tools Data Window Help AutoSave OFF AC 371 Chapte ome Insert Draw Page Layout Formulas Data Review View Devel Calibri (Body) 11 A Number Paste BIU V a. Av $ % 16 x fx not deductible Bernard and Catherine are married and have two dependent children, Monica (age 20) and Robert (age 15). Monicals currently in college at State University. Bernard works as an engineer for a manufacturing firm while Catherine is self- employed as an architect and manages her business from their home. Neither Bernard nor Catherine is blind or over age 65, and they plan to file jointly. Bernard and Catherine are entitled to claim a child tax credit in the amount of $2,500 for the two children. Using the star dard format for the Individual Income Tax Formula, determine Bernard and Catherine's gross income, AGI, taxable income tax liability, and final income tax due/refund for the current year. For each income item in the list, please note whether the item is included or excluded from gross income in the Excel file which contains your supporting calculations. For each expenditure, please note whether the item is (a) deductible as a "for AGI" deduction, (b) deductible as a "from AGI" deduction, or (c) not deductible in the Excel file which contains your supporting calculations. Bernard and Catherine have provided the following information: Income: Expenditures: F SI SC RE St He In . Ca Sel Ca: Ma Int: Cor 8 00 0 Cell Styles Format v B C (age 15). Monica is ile Catherine is self- ine is blind or over age 65, mount of $2,500 for the ne's gross income, AGI, come item in the list, please your supporting Seduction, (b) deductible as Iculations. Bernard and Bernard's salary Catherine's architect business income (sole proprietor) 165,000 14,700 gros Federal income tax withheld from Bernard's wages State income tax withheld from Bernard's wages Social Sec. & Medicare tax withheld from Bernard's wages Real estate tax on residence State sales tax paid Home mortgage interest Interest on personal credit card Medical expenses (unreimbursed) Gambling losses Catherine's business expenses (sole proprietor) Self-employment tax on Catherine's income Cash contribution to the United Way Monica's room and board at college Interest on loans to pay Monica's tuition Contribution to Roth IRA account Stock contribution to church (basis 1,000) 50,000 subt 8,250 13,322 not 5,900 4,350 18,000 1,400 1,345 subtr 1,400 not d (6,300) 1,187 halfis 500 9,410 4,500 2,000 2,000 ***FN x1 W