Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required Information [ The following information apolies to the questions displayed below. ] Shauna Coleman Is single. She Is employed as an architectural designer for

Required Information
[The following information apolies to the questions displayed below.]
Shauna Coleman Is single. She Is employed as an architectural designer for Streamline Design (SD). Shauna wanted to
determine her taxable Income for this year. She correctly calculated her AGI. However, she wasn't sure how to compute the rest
of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income
for 2023.
a. Shauna pald $4.704 for medical expenses for care from a broken ankle in October. Also. Shauna's boyfrlend, Blake, drove
Shauna (In her car') a total of 115 miles to the doctor's office so she could recelve care for her broken ankle.
b. Shauna pald a total of $3.460 in health Insurance premlums during the year (inot through an exchange). SD did not relmburse
any of this expense. Besides the health Insurance premlums and the medical expenses for her broken ankle. Shauna had
Lasik eye surgery last year and pald $3.060 for the surgery (she recelved no Insurance relmbursement). She also Incurred
$474 of other medical expenses for the year.
c. SD withheld $1,860 of state Income tax, $7,555 of Soclal Securlty tax, and $14,740 of federal income tax from Shauna's
paychecks throughout the year.
d. In 2023. Shauna was due a refund of $274 for overpaying her 2022 state taxes. On her 2022 state tax return that she filed In
Aprll 2023, she applled the overpayment toward her 2023 state tax llabllity. She estImated that her state tax llability for 2023
will be $2,360.
Shauna pald $3.260 of property taxes on her personal residence. She also pald $524 to the developer of her subdlision
because he had to replace the sidewalk In certaln areas of the subdlvision.
f. Shauna pald a $224 property tax based on the state's estimate of the value of her car.
g. Shauna has a home mortgage loan In the amount of $232,000 that she secured when she purchased her home. The home Is
worth about $412,000. Shauna pald Interest of $12,540 on the loan thls year.
h. Shauna made several charltable contributions throughout the year. She contributed stock in Z YX Corporation to the Red
Cross. On the date of the contribution, the falr market value of the donated shares was $1,240 and her basis In the shares was
$496. Shauna originally bought the Z YX Corporation stock In 2009. Shauna also contrlbuted $324 cash to State Unlversity
and religlous artifacts she has held for several years to her church. The artifacts were valued at $524 and Shauna's basis in
the Items was $324. Shauna had every reason to belleve the church would keep them on display Indefinltely. Shauna also
drove 200 miles dolng church-related errands for her minister. FInally. Shauna contributed $1,260 of services to her church last
year.
I. Shauna pald $274 In Investment advisory fees and another $174 to have her tax return prepared that Is, she pald $174 In
2023 to have her 2022 tax return prepared).
J. Shauna Is Involved In horse racing as a hobby. During the year, she won $2,560 in prize money and Incurred $12,400 in
expenses. She has never had a profitable year with her horseracing activitles, so she acknowledges that this is a hobby for
federal income tax purposes.
k. Shauna sustalned $2,060 in gambling losses over the year (mostly horseracling bets) and had only $224 in winnings.
1. Assume shauna's AGI is $119,000. Determine shauna's taxable income (this is the 3rd time I am asking this question and the result is NOT $75794 or $33740)
2. complete page 1 of FORM 1040(please show a screenshot of this)
3. cpmlete schedule A (please show a screenshot of this)
4. redo 1 thru 3 with Shauna's AGI 219,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Introduction To Cost Accounting

Authors: Don R. Hansen, Maryanne Mowen, Liming Guan, Mowen/Hansen

1st International Edition

0538749636, 978-0538749633

More Books

Students also viewed these Accounting questions

Question

3. Provide time for independent and extended projects.

Answered: 1 week ago

Question

3. Give examples of four fair disciplinary practices.

Answered: 1 week ago

Question

4. Explain how to use fair disciplinary practices.

Answered: 1 week ago