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Please i help with this assignment, i have completed the assignment, however, i want to assure that my results are correct and would like to

Please i help with this assignment, i have completed the assignment, however, i want to assure that my results are correct and would like to compare answers.

image text in transcribed Juan Perez age 39 (SSN 221111111) and his wife Luisa Perez age 40 (SSN 33122 2222) live at 555 Oceanview Drive, Ocala, FL 35522. The Perez have a daughter Maria (SSN 44133 3333), age 20 and a son Paul (SSN 55122 4352), age 10. In addition they provide support for Juan's mother Lupe who is a resident of Mexico. Maria is a single fulltime college student at UF; she is in her third year of undergrad. Maria worked during the summer as a hostess for Ocean restaurant at Ocala Beach. She earned $5,140. Maria also had the following sources of income: $400 of interest income and $600 of qualified dividend income. Juan and Luisa help Maria during the school year by paying her room $6,000, board $3,000 and tuition $8,000. Juan and Luisa provide more than 50% of Maria's support for the year. Paul, is enrolled in an afterschool program for 10 months of the year at a cost of $150 a month at Ocala Youth Program (FEI# 225656565). During school summer and winter breaks he attends a day camp offered by the same youth program for a cost of $1,200. Paul attends St Maria's School where the tuition is $ 300 a month for parishioners, who donate a minimum of $2,000 per year to St Maria's Church. Juan Perez worked as a salesman for Smithy Inc. He received a salary and bonuses totaling gross wages of $88,000 (withholdings include $8,500 of federal income tax, Social security of $5,456 and Medicare of $1,276) plus an expense reimbursement of $6,000 to cover his employee business expenses. Juan must make an adequate accounting to his employer and return any excess reimbursement; none of the reimbursement was related to meals and entertainment. Juan drove his car a total of 24,840 miles during the year, and placed the car in service on June 1, 2012. His log indicates that 17,410 miles were for sales calls to customers and the rest were personal. Juan uses the standard mileage rate method. Juan is a Jacksonville football fan. He purchased two season tickets for a total of $4,500. He takes a customer to every game, and they discuss business before, during and after the games. Juan also takes clients to business lunches. His log indicates that he spent $1,650 on these business meals. Juan also took a fiveday trip to the Smithy headquarters in Portland, ME. He was so well prepared that he finished his business in two days, so he spent the other three days sightseeing. He had the following expenses during the trip: Airfare $800, Lodgings $450, Meals $250, Rental car $200. Additionally, Smithy provides Juan with medical insurance worth $7,200; the entire family is covered under this policy. Luisa is selfemployed. She sews custom gala gowns from the garage at their home under the label Le Fashion. The garage is 15% of the house's total square footage of 2,600. The business code is 564832. She had the following income and expenses: Gross Income $56,000 Cost of materials (material, thread, etc.) 6,000 Contract labor 5,400 Website & Domain 200. Business telephone 500. The Perez home cost a total of $275,000, of which the cost of the land was $25,000. The current FMV of the house is $425,000 and the FMV in January 2013 was $385,000. The house is depreciable over a 39year recovery period. They purchased the home in June of 2012 and Luisa began her business in January of 2013. In addition, Le Fashion purchased 2 sewing machines in 2013 for $3,200 each as well as computer equipment for $4,000. During the current year, an additional sewing machine was purchased for $3,000 on April 1. The Perez incurred the following other income and expenses: Utility bills for the house $ 2,900 Real Estate taxes 3,200 Mortgage interest 3,800 Eyeglasses and exam for Luisa 500 Cash donated to St Maria's Church 3,500 Sales tax on purchases (nonbusiness) 6,200 Dividends from 4S stock 850 Interest from City of Ocala bonds 800 Interest from savings account 410 During the year the following events also occurred: a. In 2012, Juan had loaned a friend $2,000 to help pay medical expenses. During 2016, he discovers his \"friend\" has skipped town. He has been unable to locate him and no longer has any expectation of being repaid. b. On June 10, 2016, Juan sells Amazon stock for $19,000. He purchased the stock on December 19, 2010 for $6,200. c. Instead of accepting the $95 the utility store offered for their old dishwasher, they donated it to Goodwill on November 21, 2016. They purchased it originally on March 12, 2005 for $600. The new dishwasher cost $900. d. During the year, Luisa's great uncle Manuel died. Juan and Luisa received $100,000 from the life insurance policy. Neither Juan nor Luisa paid any of the premiums. e. In addition to the life insurance, Manuel bequeathed to Luisa her collection of antique coins. Manuel had started the collection as a child and his basis in the coins, was $ 550, the FMV of the coins at the date of Manuel's death was $4,600. Luisa sold them to a collector on December 30 for $5,200. f. Juan enjoys playing the drums and plays in a band on weekends. His band, The Riders has developed a local following and they decided to try recording some original music. The CD was completed in December of this year. This year his gross revenues were $1,600 for playing shows and $250 on CD sales. His share of the expenses are as follows: Studio Rental $ 1,500 CD production 700 New drums and drumsticks 600 Website 100 Printing Flyers 350 Required: Prepare the 2016 federal income tax returns, including all required forms and schedules, as needed for the Perez family. Attach a list of any assumptions or positions that you took in the completion of the return

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