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Please help. Everything that is needed is attached. I have check numbers as well Tax Return Project Instructions and Tips For your tax return project,
Please help. Everything that is needed is attached. I have check numbers as well
Tax Return Project Instructions and Tips For your tax return project, you need to prepare a 2015 federal income tax return for David and Sherri. Their information is located in Appendix E, Problem 1 of the file posted to Canvas. On or by November 15 at 12PM, you should turn in a physical copy of the following Forms and Schedules for the Frosts, produced with H&R Block home software: Form 1040, Schedules A-E, Form 4562 (just the \"depreciation summary\" page, not all six pages of this form), Form 8829 (Home expenses), and Form 2106 (unreimbursed employee expenses). This should be approximately 15-25 physical pages. You must also e-mail me a PDF file of all Forms, Schedules, and Worksheets by the deadline to receive any credit for the return (75-200 PDF pages). No late assignments will be accepted (physical or electronic). You may need to download PDF995 to be able to save your tax return to a PDF file. The print/save function of H&R Block's software provides a direct link for one to download this software. For those of you who are interested in extra credit, you may earn up to 3% of extra credit added directly to your final course grade for completing the 2015 federal income tax return for Problem 2 in Appendix E about Carrie. Again, I require you to utilize H&R Block software and print out Form 1040, Schedules A-E, Form 2106 (unreimbursed employee expenses), Form 6251 (AMT), Form 4562 (just the \"depreciation summary\" page, not all six pages of this form), and Form 8829 (Home expenses) - as relevant for this problem. You must provide me with a physical copy of these on or by November 15 at 12PM. You also must e-mail me a PDF file of your entire Return for Problem 2 (all Forms, Schedules, and worksheets) by the deadline to receive any credit for the return. No late returns (physical or electronic) accepted for extra credit. You are welcome to slide your signed and sealed (signed across the seal) one envelope with the one or two returns under my door of Bryan 339 at any time prior to the deadline. You also are welcome to physically deliver the envelope to me in class or during my office hours, or to deliver it to a departmental assistant in Bryan 383 to put in my mailbox. (For the latter, have the assistant time stamp your envelope.) Some key figures to help you through this process are below. I anticipate that many of you will have several questions come up as you tackle this project. Matt, my graduate student, is available to help with the regular credit tax return during the times posted to Canvas / in your syllabus. You may not contact Matt outside of the posted hours. I suggest that you utilize Matt's services early and consistently. Plan to meet with Matt at least twice. The first meeting would be for any questions that arise for you from reading the tax return information and from beginning to tackle the software. The second meeting would be for you to bring up any technical issues that you encountered while completing the entire tax return so that you can make last minute finishing touches as needed. There is no assistance provided for the extra credit return besides the check figures that follow. Matt nor I will answer questions about it. Do not consult with your peers or anyone else on either return. This project should be completed individually, entirely on your own. The Honor Code applies. Have fun! 1 2 A brief summary of the Johnsons' tax return for 2015 appears below. Gross income: $127,959 Salary Schedule B Schedule C Schedule D Schedule E Miscellaneous Deductions for AGI (22,784) AGI $105,175 $38,000 7,000 70,544 9,100 2,895 420 Itemized deductions (14,020) Exemptions (20,000) Taxable income $ 71,155 Computation of tax liability through use of the Schedule D Tax Worksheet yields a liability of $8,734. To this is added the self-employment tax of $9,967 (see Schedule SE) for a total amount due of $18,701. As the Johnsons had paid in $21,250 ($150 overpayment for 2014 + $5,100 Sheri's withholdings + $16,000 quarterly estimated tax payments), the overpayment of $2,549 ($21,250 - $18,701) is applied towards their 2016 tax liability. 3 XC Return: Summary of Carrie's Federal income tax return: Gross income: Schedule B $ 3,590 State income tax refund 205 Schedule C 85,938 Schedule D (1,000) AGI $67,861 Deductions from AGI (12,454) Personal and dependency exemptions (8,000) Taxable income $47,407 Carrie's income tax liability is $6,329, calculated using the Qualified Dividends and Capital Gain tax Worksheet - Line 44 since qualified dividends ($850) are taxed at a preferential rate. Carrie's total tax liability is $18,472, which is the sum of her $6,329 income tax and her self-employment tax of $12,143. Since she has prepaid $20,800, Carrie is entitled to a refund of $2,328. 4Step by Step Solution
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