please help! first 5 pictures are questions, next pictures are excel sheets i'm meant to fill out

Acct 3307-002 & 003 Spring 2020 Steven paid $10,000 in alimony to a former spouse and $24,000 in child support. (Steven's children from his first marriage are claimed as dependents on their mother's tax return. The kids from his first marriage are different than those in the opening sentence. Steven has four total children, but only two qualify as his dependents.) The divorce was finalized in 2011 The taxpayers sold their boat (personal use) that they had owned for three years at a loss of ($6,000) Steven and Lucy won a free trip to Mexico after completing a survey outside the grocery store. They were told the trip was worth $7,800. In 2018 the taxpayers were required to file a state tax return in New Mexico due to some investment property. In 2019 they received a state tax refund of $550. The taxpayers itemized on their 2018 federal income tax return. Their total itemized deductions in 2018 exceeded the standard deduction by $3,500. m.) In 2015 the taxpayers won $100,000 in the McDonald's Monopoly game. The winnings are paying out over five years ($20,000 per year). This year the couple received $20,900 Lucy is a limited partner (passive) in two different partnerships - X and Z Partnership X reported her share of the current year income/loss to be ($17,000) and her basis prior to the current year loss was $14,000. Partnership Z reported her share of the current year income/loss to be $12,500 and his basis prior to the current year income was $7,000. ..) In January Lucy's father passed away. Lucy was the recipient of one of his life insurance policies. The policy had a face value of $500,000. Lucy elected to have the policy pay out over 20 years. Lucy received a check for $26,000 in December. Additionally, the couple sold the following assets during the year Asset Purchased Sold Cost Basis Sales Price ABC Stock 1/1/2019 7/1/2019 $18,000 $25,000 DEF Stock 1/1/2008 11/20/2019 $15,000 $10,000 Painting (collectible) 1/1/2005 7/15/2019 $5,000 $50,000 GHI Stock 1/1/2010 9/1/2019 $18,000 $30,000 Rental Property 1/1/2005 1/1/2019 $75,000 $130,000 JKL Stock 1/1/2015 10/1/2019 $10,000 $15,000 *Unrecaptured Sec. 1250 gain = $27,000 (The $27,000 is included in the $55,000) Gain/Loss $7,000 $5,000) $45,000 $12.000 $55,000 $5,000 4.) Paid the following out-of-pocket expenses during the year. Medical expenses (unreimbursed): Doctor/hospital/dentist $9.500 Prescription drugs $800 Over-the-counter drugs $200 Wheelchair $150 Veterinarian's fees (non-service animal) 5700 Cosmetic surgery (elective) $12,000 Tax Return Project The goal of this assignment for you to 1.) determine the Taxpayers' AGI, taxable income, tax liability and tax due/refund and 2.) to identify where the income and expense items are reported on an individual tax retum. It is important for you to understand how all the pieces we have discussed this semester fit together Instructions: Please download the spreadsheet from Blackboard. The tabs at the bottom correspond to the different forms needed for this return. Please complete the worksheets. You need to fill in all yellow and pink boxes. You must show your calculations and label your work. Each person is to submit their completed spreadsheet on Blackboard by end of day (midnight) Monday, May 4, 2020. If you submit your project by end of day (midnight) Sunday, April 26, 2020, you will receive your grade on this assignment prior to the drop date. Client Info: Steven and Lucy Gonzales Filing status = Married filing jointly Qualifying children = Sam (age 4) and Charlie (age 6) 2019 Tax Information: a.) Steven is a pilot and is employed by Flyby Airlines. His W-2 provided the following information: Line 1 Wages, tips & other compensation $ 163,000 Line 2 Federal income tax withheld $ 25,000 Lucy is self-employed and runs a bookkeeping business. The statement is attached. Steven won $8,000 at the casino in Ruidoso. Interest income - $250 from savings account at First Lubbock Bank; $300 from State of Texas Bond: $130 from US Treasury Bond; $1,800 from CD however CD was cashed out early and a 10% penalty of $180 was assessed Dividend income - $2,750 ordinary dividends from TXT Co of which $2,500 was qualified Steven and Lucy own a rental property in Port Aransas, TX. They received $9,000 in rental revenue and incurred the following expenses: Property taxes - $5,400 Repairs & Maintenance - $3,200 Utilities - $2,400 Depreciation - $1,600 Lucy received stock in Under the Bus Corp. when her grandmother died in February. Her grandmother had purchased the stock in 1992 for $5,000. The FMV of the stock was $22,000 on the date of her death. Lucy sold the sold in December for $27,000. (This transaction is not included in the table provided at p.).) Steven received $25,000 cash from his great-uncle has a gift. Teeth whitening $2.500 Lasik eye surgery $6,000 Braces (orthodontics) $5,000 Steven was injured in an automobile accident and became wheel-chair bound during the year. The taxpayers' spent $10,000 making their home more accessible by adding ramps and widening doorways. The changes did not increase the home's FMV. Additionally the couple put a pool in the backyard so Josh could do his physical therapy. The cost of the pool was $50,000. A local realtor determined the pool increase the home's FMV by $42,000. Taxes: Social security tax withheld from wages $8,500 State general sales tax (per IRS table) $2,200 Real estate tax (investment property) $2,500 Estimated tax payments (federal) $6,000 Real estate tax (primary residence) $5,800 Interest: Credit card (personal) $400 Home mortgage (personal) $7,500 . (Note = $350,000) Auto loan (personal) $1,500 Points paid on acquisition loan $800 (20-year note) Charitable donations: Cash paid directly to family in need $500 Cash to TTU for scholarships $7,500 Cash to political campaign $500 Household items (clothes, furniture), which are ordinary income property, given to American Red Cross - FMV = $300; Original Cost = $1,200 Painting (capital gain property) given to museum; Museum hung painting FMV = $5,000; Original cost = $1,000 Steven serves lunch every Thursday at a soup kitchen. Total mileage driven to and from soup kitchen was 357 miles. (SMR = $0.14 per mile) Steven's estimated his time to be valued at $75 per hour. Total hours for the year were 52 hours. The couple bid (silent auction) on a fishing trip package at the American Cancer Society gala. The couple paid $10,000 for the trip which had a fair market value of $8,800. Other unreimbursed expenses: . Gambling losses - $5,000 Additional expenses: Daycare cost for Charlie - $8,250 Funeral expenses for Lucy's father - $6,200 Additional expenses related to the house: Utilities - $7,200 Insurance - $4,500 t.) General repairs & maintenance - $2,300 Lucy is attending Texas Tech University to earn her master's degree in accounting. She is in her fifth year of higher education. Her tuition and required course expenses totaled $8,000. Additionally she spend $575 on books. She received a scholarship from the School of Accounting for $1,500. She did not have to perform any services in order to receive the scholarship. Scarlet & Black Bookkeeping Income Statement For the Year Ended December 31, 2019 Revenue $ 120,000.00 $ $ 1,200.00 275.00 Expenses Professional insurance Training seminar Travel to clients Lodging Meals Airfare New computer New office chair Wages paid to employee Payroll taxes Owner distribution Professional expense (attorney fee) Office supplies Late filing penalty Charitable contributions Contribution to political candidate Total Expenses $ 3,125.00 $ 1,250.00 $ 1,800.00 $ 1,400.00 $ 850.00 $ 38,000.00 $ 2,907.00 $ 60,000.00 $ 1,300.00 $ 775.00 225.00 800.00 350.00 $ 114,257.00 Net Income $ 5,743.00 Additional information: Drove 1,200 miles to go to clients' offices Works from home Home office = 300 square feet; House = 3,000 square feet 1040 Sch 1 Sch 2 Sch 3 Sch A SchB Schc SchD SchE other Fill in box / Calculate Will flow-through from another formschedule -- DO NOT type anything in this cell. Formula built into cell - DO NOT type anything in this cell ***Please show how you calculate OBI deduction on the "ot A ***Please show how you calculate income tax liability on the Form 1040 I Wages, salaries, tips, etc. 2 Taxable interest 3 Ordinary dividends 4 IRA distributions 5 Social security benefits 6 Captial gain or loss) - SchD 7a Other income from Sch! 7b Total income 8a Adjustment to income from Sch. 1. line 22 8b Adjusted gross income 9 Standard deduction or itemized 10 Oxualified buisness income deduction Ila Add lines 9 and 10 11b Taxable income 12a Tax 12b Sch 2, line 3 13a Child tax credit 13b Sch 3. line 7 14 Subtract line 13b from line 12 15 Other taxes from Sch 2 line 10 16 Total tax 17 Income tax withheld from from W-2 18 Other payments and refundable credits: a Earned income credit b Additional child tax credit c American opportunity credit - Sch 8863 d Schline 14 Total other payments and credits 19 Total payments 20 Amount you overpaid 23 Amount you owe ***Please show calculation on the "other" tab ***Please show calculation on the "other" tab 18d 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc Sch D Schedule 1 Total of Part 1 Total of Part 2 goes to 1040 Line 7a goes to 1040 Line 8a Show your calculations below and be sure to enter your total for each section in the yellow box. Please label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Sch C Sch D Schedule 2 Part II Total goes to 1040 Line 15 Enter total for Scheule 2 in Yellow Box. Show work below. Be sure to label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc Sch D Schedule 3 Other credits Form 1040 Line 13b Enter total for Schedule 3 in Yellow Box. Show work below. Be sure to label your calculations. "Hint: on this form you will calculate the child & dependent care credit and education credit. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Sch C Sch D Schedule A Total itemized deductions Enter total for this schedule the in Yellow Box. Show work below. Be sure to label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc SchD Schedule B Total interest Total ordinary dividends Enter total for this schedule the in Yellow Box. Show work below. Be sure to label your calculations 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Sch C Sch D Schedule C Net business income YOU need to take this total to Schedule 1 and include in your total for Schedule 1 Enter total for this schedule the in Pink Box. Show work below. Be sure to label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc Scho Capital Gains & Losses Total Capital Gains/(Losses) Will flow to 1040 Line 6 Enter total for this schedule the in Yellow Box Show work below. Be sure to label your calculations 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc SchD Schedule E Total rental/royalties/partnership/s-corp income YOU need to take this total to Schedule 1 and include in your total for Enter total for this schedule the in Pink Box. Show work below. Be sure to label your calculations. Acct 3307-002 & 003 Spring 2020 Steven paid $10,000 in alimony to a former spouse and $24,000 in child support. (Steven's children from his first marriage are claimed as dependents on their mother's tax return. The kids from his first marriage are different than those in the opening sentence. Steven has four total children, but only two qualify as his dependents.) The divorce was finalized in 2011 The taxpayers sold their boat (personal use) that they had owned for three years at a loss of ($6,000) Steven and Lucy won a free trip to Mexico after completing a survey outside the grocery store. They were told the trip was worth $7,800. In 2018 the taxpayers were required to file a state tax return in New Mexico due to some investment property. In 2019 they received a state tax refund of $550. The taxpayers itemized on their 2018 federal income tax return. Their total itemized deductions in 2018 exceeded the standard deduction by $3,500. m.) In 2015 the taxpayers won $100,000 in the McDonald's Monopoly game. The winnings are paying out over five years ($20,000 per year). This year the couple received $20,900 Lucy is a limited partner (passive) in two different partnerships - X and Z Partnership X reported her share of the current year income/loss to be ($17,000) and her basis prior to the current year loss was $14,000. Partnership Z reported her share of the current year income/loss to be $12,500 and his basis prior to the current year income was $7,000. ..) In January Lucy's father passed away. Lucy was the recipient of one of his life insurance policies. The policy had a face value of $500,000. Lucy elected to have the policy pay out over 20 years. Lucy received a check for $26,000 in December. Additionally, the couple sold the following assets during the year Asset Purchased Sold Cost Basis Sales Price ABC Stock 1/1/2019 7/1/2019 $18,000 $25,000 DEF Stock 1/1/2008 11/20/2019 $15,000 $10,000 Painting (collectible) 1/1/2005 7/15/2019 $5,000 $50,000 GHI Stock 1/1/2010 9/1/2019 $18,000 $30,000 Rental Property 1/1/2005 1/1/2019 $75,000 $130,000 JKL Stock 1/1/2015 10/1/2019 $10,000 $15,000 *Unrecaptured Sec. 1250 gain = $27,000 (The $27,000 is included in the $55,000) Gain/Loss $7,000 $5,000) $45,000 $12.000 $55,000 $5,000 4.) Paid the following out-of-pocket expenses during the year. Medical expenses (unreimbursed): Doctor/hospital/dentist $9.500 Prescription drugs $800 Over-the-counter drugs $200 Wheelchair $150 Veterinarian's fees (non-service animal) 5700 Cosmetic surgery (elective) $12,000 Tax Return Project The goal of this assignment for you to 1.) determine the Taxpayers' AGI, taxable income, tax liability and tax due/refund and 2.) to identify where the income and expense items are reported on an individual tax retum. It is important for you to understand how all the pieces we have discussed this semester fit together Instructions: Please download the spreadsheet from Blackboard. The tabs at the bottom correspond to the different forms needed for this return. Please complete the worksheets. You need to fill in all yellow and pink boxes. You must show your calculations and label your work. Each person is to submit their completed spreadsheet on Blackboard by end of day (midnight) Monday, May 4, 2020. If you submit your project by end of day (midnight) Sunday, April 26, 2020, you will receive your grade on this assignment prior to the drop date. Client Info: Steven and Lucy Gonzales Filing status = Married filing jointly Qualifying children = Sam (age 4) and Charlie (age 6) 2019 Tax Information: a.) Steven is a pilot and is employed by Flyby Airlines. His W-2 provided the following information: Line 1 Wages, tips & other compensation $ 163,000 Line 2 Federal income tax withheld $ 25,000 Lucy is self-employed and runs a bookkeeping business. The statement is attached. Steven won $8,000 at the casino in Ruidoso. Interest income - $250 from savings account at First Lubbock Bank; $300 from State of Texas Bond: $130 from US Treasury Bond; $1,800 from CD however CD was cashed out early and a 10% penalty of $180 was assessed Dividend income - $2,750 ordinary dividends from TXT Co of which $2,500 was qualified Steven and Lucy own a rental property in Port Aransas, TX. They received $9,000 in rental revenue and incurred the following expenses: Property taxes - $5,400 Repairs & Maintenance - $3,200 Utilities - $2,400 Depreciation - $1,600 Lucy received stock in Under the Bus Corp. when her grandmother died in February. Her grandmother had purchased the stock in 1992 for $5,000. The FMV of the stock was $22,000 on the date of her death. Lucy sold the sold in December for $27,000. (This transaction is not included in the table provided at p.).) Steven received $25,000 cash from his great-uncle has a gift. Teeth whitening $2.500 Lasik eye surgery $6,000 Braces (orthodontics) $5,000 Steven was injured in an automobile accident and became wheel-chair bound during the year. The taxpayers' spent $10,000 making their home more accessible by adding ramps and widening doorways. The changes did not increase the home's FMV. Additionally the couple put a pool in the backyard so Josh could do his physical therapy. The cost of the pool was $50,000. A local realtor determined the pool increase the home's FMV by $42,000. Taxes: Social security tax withheld from wages $8,500 State general sales tax (per IRS table) $2,200 Real estate tax (investment property) $2,500 Estimated tax payments (federal) $6,000 Real estate tax (primary residence) $5,800 Interest: Credit card (personal) $400 Home mortgage (personal) $7,500 . (Note = $350,000) Auto loan (personal) $1,500 Points paid on acquisition loan $800 (20-year note) Charitable donations: Cash paid directly to family in need $500 Cash to TTU for scholarships $7,500 Cash to political campaign $500 Household items (clothes, furniture), which are ordinary income property, given to American Red Cross - FMV = $300; Original Cost = $1,200 Painting (capital gain property) given to museum; Museum hung painting FMV = $5,000; Original cost = $1,000 Steven serves lunch every Thursday at a soup kitchen. Total mileage driven to and from soup kitchen was 357 miles. (SMR = $0.14 per mile) Steven's estimated his time to be valued at $75 per hour. Total hours for the year were 52 hours. The couple bid (silent auction) on a fishing trip package at the American Cancer Society gala. The couple paid $10,000 for the trip which had a fair market value of $8,800. Other unreimbursed expenses: . Gambling losses - $5,000 Additional expenses: Daycare cost for Charlie - $8,250 Funeral expenses for Lucy's father - $6,200 Additional expenses related to the house: Utilities - $7,200 Insurance - $4,500 t.) General repairs & maintenance - $2,300 Lucy is attending Texas Tech University to earn her master's degree in accounting. She is in her fifth year of higher education. Her tuition and required course expenses totaled $8,000. Additionally she spend $575 on books. She received a scholarship from the School of Accounting for $1,500. She did not have to perform any services in order to receive the scholarship. Scarlet & Black Bookkeeping Income Statement For the Year Ended December 31, 2019 Revenue $ 120,000.00 $ $ 1,200.00 275.00 Expenses Professional insurance Training seminar Travel to clients Lodging Meals Airfare New computer New office chair Wages paid to employee Payroll taxes Owner distribution Professional expense (attorney fee) Office supplies Late filing penalty Charitable contributions Contribution to political candidate Total Expenses $ 3,125.00 $ 1,250.00 $ 1,800.00 $ 1,400.00 $ 850.00 $ 38,000.00 $ 2,907.00 $ 60,000.00 $ 1,300.00 $ 775.00 225.00 800.00 350.00 $ 114,257.00 Net Income $ 5,743.00 Additional information: Drove 1,200 miles to go to clients' offices Works from home Home office = 300 square feet; House = 3,000 square feet 1040 Sch 1 Sch 2 Sch 3 Sch A SchB Schc SchD SchE other Fill in box / Calculate Will flow-through from another formschedule -- DO NOT type anything in this cell. Formula built into cell - DO NOT type anything in this cell ***Please show how you calculate OBI deduction on the "ot A ***Please show how you calculate income tax liability on the Form 1040 I Wages, salaries, tips, etc. 2 Taxable interest 3 Ordinary dividends 4 IRA distributions 5 Social security benefits 6 Captial gain or loss) - SchD 7a Other income from Sch! 7b Total income 8a Adjustment to income from Sch. 1. line 22 8b Adjusted gross income 9 Standard deduction or itemized 10 Oxualified buisness income deduction Ila Add lines 9 and 10 11b Taxable income 12a Tax 12b Sch 2, line 3 13a Child tax credit 13b Sch 3. line 7 14 Subtract line 13b from line 12 15 Other taxes from Sch 2 line 10 16 Total tax 17 Income tax withheld from from W-2 18 Other payments and refundable credits: a Earned income credit b Additional child tax credit c American opportunity credit - Sch 8863 d Schline 14 Total other payments and credits 19 Total payments 20 Amount you overpaid 23 Amount you owe ***Please show calculation on the "other" tab ***Please show calculation on the "other" tab 18d 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc Sch D Schedule 1 Total of Part 1 Total of Part 2 goes to 1040 Line 7a goes to 1040 Line 8a Show your calculations below and be sure to enter your total for each section in the yellow box. Please label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Sch C Sch D Schedule 2 Part II Total goes to 1040 Line 15 Enter total for Scheule 2 in Yellow Box. Show work below. Be sure to label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc Sch D Schedule 3 Other credits Form 1040 Line 13b Enter total for Schedule 3 in Yellow Box. Show work below. Be sure to label your calculations. "Hint: on this form you will calculate the child & dependent care credit and education credit. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Sch C Sch D Schedule A Total itemized deductions Enter total for this schedule the in Yellow Box. Show work below. Be sure to label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc SchD Schedule B Total interest Total ordinary dividends Enter total for this schedule the in Yellow Box. Show work below. Be sure to label your calculations 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Sch C Sch D Schedule C Net business income YOU need to take this total to Schedule 1 and include in your total for Schedule 1 Enter total for this schedule the in Pink Box. Show work below. Be sure to label your calculations. 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc Scho Capital Gains & Losses Total Capital Gains/(Losses) Will flow to 1040 Line 6 Enter total for this schedule the in Yellow Box Show work below. Be sure to label your calculations 1040 Sch 1 Sch 2 Sch 3 Sch A Sch B Schc SchD Schedule E Total rental/royalties/partnership/s-corp income YOU need to take this total to Schedule 1 and include in your total for Enter total for this schedule the in Pink Box. Show work below. Be sure to label your calculations