Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Please answer the following questions! Will give thumbs up! Interview Notes . Sheila is single and 45 years old. Sheila has two children. Rebecca, age

Please answer the following questions! Will give thumbs up!
image text in transcribed
image text in transcribed
image text in transcribed
Interview Notes . Sheila is single and 45 years old. Sheila has two children. Rebecca, age 18, has a job and earned wages of $4,900. John, age 25, also worked and eamed wages of $4,500. Both children lived with her all year. . Sheila paid all the cost of keeping up the home and more than half the support for her children. Sheila received disability pension benefits, but she has not reached the minimum retirement age of her employer's plan. She does not have enough expenses to itemize for the 2021 tax year. Sheila received a $2,800 Economic Impact Payment (EIP3) in 2021. Shelia, Rebecca, and John are U.S. citizens and have valid Social Security numbers. They all lived in the United States for the entire year. If she has amy balance due or refund, she would like to use Branch Bank: Bank Routing number is 128760000, Checking Account number is 123456 . . SOCIAL SECURITY FR 559-00-XXXX Sheila Parsons Sheile Persons SOCIAL SECURITY 321-00-XXXX Rebecca Parsons Reken Prisons SOCIAL SECURITY 320-00-XXXX John Parsons Johe. Persons CORRECTED (If checked PAYER'S name, street address, city or town, state or province, Gross distribution OMG NO. 1545 0119 Distributions From country, ZIP or foreign postal codo, and telephone no. Pensions, Annuities, Retirement or 39,500.00 DELK CORPORATION 2021 2a Taxable amount Profit-Sharing Plans, 983 GREEN STREET IRAs, Insurance Contracts, etc. YOUR CITY, YOUR STATE, ZIP 39,500.00 Form 1099-R 2b Taxable amount Total not determined a distribution Copy B PAYER'S TIN RECIPIENT'S TIN Report this 3 Capital gain included in 4 Federal income tax income on your box 20) withheld federal tax return. If this 56-700XXXX 127-00-XXXX IS $100.00 form shows RECIPIENTS name 5 Employee contributions 6 Net unrealized federal income Designated Roth appreciation in tax withheld in contributions or SHEILA PARSONS omployer's securities ne premium box 4, attach IS this copy to Stroot address including apt.no) 7 Distribution FW 8 Other your return. codes SEP 320 MAIN STREET SIME This information is 3 S being furnished to City or town, state or province, country, and ZIP or foreign postal code 98 Your percentage of total ob Totorcode contributions then YOUR CITY, YOUR STATE, ZIP distribution WS 10 Amoun allocation N11 1st your of doi:12 FATCA 14 Statet with 15 Stato/Payor's state no. 16 State distribution within years Roth con requirement IS $ Account number on instructions 13 Date of 17 Local tax weld 10 Ne of locality 19 Local distribution payment S IS Form 1099-R www.gov/Fom Denart of the Treasury Internal Revenue 1234 Shella Parsons 320 M S Your City State PAY TO THE ORDER OF on VOLD DOXAS Branch Bank Antown S 00000 12NXEANNO 1714 1234 20. What amount is required to be reported as wages on Sheila's tax return? 21. Sheila's most advantageous filing status allowable is a. Single b. Married Filing Separately Head of Household d. Qualifying Widow(er) C. 22. Which child qualifies Shelia for EITC? a. Rebecca b. John C. Both Rebecca and John d. Neither Rebecca nor John. 23. Rebecca and John are dependents on Shelia's tax return. a. True b. False 24. Sheila can prevent having a balance due next year by using the Tax Withholding Estimator at IRS.gov and then adjust her withholding. True a. E b. False FO TEL Interview Notes . Sheila is single and 45 years old. Sheila has two children. Rebecca, age 18, has a job and earned wages of $4,900. John, age 25, also worked and eamed wages of $4,500. Both children lived with her all year. . Sheila paid all the cost of keeping up the home and more than half the support for her children. Sheila received disability pension benefits, but she has not reached the minimum retirement age of her employer's plan. She does not have enough expenses to itemize for the 2021 tax year. Sheila received a $2,800 Economic Impact Payment (EIP3) in 2021. Shelia, Rebecca, and John are U.S. citizens and have valid Social Security numbers. They all lived in the United States for the entire year. If she has amy balance due or refund, she would like to use Branch Bank: Bank Routing number is 128760000, Checking Account number is 123456 . . SOCIAL SECURITY FR 559-00-XXXX Sheila Parsons Sheile Persons SOCIAL SECURITY 321-00-XXXX Rebecca Parsons Reken Prisons SOCIAL SECURITY 320-00-XXXX John Parsons Johe. Persons CORRECTED (If checked PAYER'S name, street address, city or town, state or province, Gross distribution OMG NO. 1545 0119 Distributions From country, ZIP or foreign postal codo, and telephone no. Pensions, Annuities, Retirement or 39,500.00 DELK CORPORATION 2021 2a Taxable amount Profit-Sharing Plans, 983 GREEN STREET IRAs, Insurance Contracts, etc. YOUR CITY, YOUR STATE, ZIP 39,500.00 Form 1099-R 2b Taxable amount Total not determined a distribution Copy B PAYER'S TIN RECIPIENT'S TIN Report this 3 Capital gain included in 4 Federal income tax income on your box 20) withheld federal tax return. If this 56-700XXXX 127-00-XXXX IS $100.00 form shows RECIPIENTS name 5 Employee contributions 6 Net unrealized federal income Designated Roth appreciation in tax withheld in contributions or SHEILA PARSONS omployer's securities ne premium box 4, attach IS this copy to Stroot address including apt.no) 7 Distribution FW 8 Other your return. codes SEP 320 MAIN STREET SIME This information is 3 S being furnished to City or town, state or province, country, and ZIP or foreign postal code 98 Your percentage of total ob Totorcode contributions then YOUR CITY, YOUR STATE, ZIP distribution WS 10 Amoun allocation N11 1st your of doi:12 FATCA 14 Statet with 15 Stato/Payor's state no. 16 State distribution within years Roth con requirement IS $ Account number on instructions 13 Date of 17 Local tax weld 10 Ne of locality 19 Local distribution payment S IS Form 1099-R www.gov/Fom Denart of the Treasury Internal Revenue 1234 Shella Parsons 320 M S Your City State PAY TO THE ORDER OF on VOLD DOXAS Branch Bank Antown S 00000 12NXEANNO 1714 1234 20. What amount is required to be reported as wages on Sheila's tax return? 21. Sheila's most advantageous filing status allowable is a. Single b. Married Filing Separately Head of Household d. Qualifying Widow(er) C. 22. Which child qualifies Shelia for EITC? a. Rebecca b. John C. Both Rebecca and John d. Neither Rebecca nor John. 23. Rebecca and John are dependents on Shelia's tax return. a. True b. False 24. Sheila can prevent having a balance due next year by using the Tax Withholding Estimator at IRS.gov and then adjust her withholding. True a. E b. False FO TEL

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

9780073526706

Students also viewed these Accounting questions

Question

How to sketch the process layout for a event planning buffet

Answered: 1 week ago