Answered step by step
Verified Expert Solution
Question
1 Approved Answer
REQUIRED: Use the following information to determine the taxpayers' federal income tax liability and prepare the tax forms listed below. Round amounts to the
REQUIRED: Use the following information to determine the taxpayers' federal income tax liability and prepare the tax forms listed below. Round amounts to the nearest whole dollar. 1. Complete the Excel reconciliation workbook-calculate the amount of tax payable or refund due for the year. Download and save with your name at the end of the filename. 2. Prepare the following tax forms-Form 1040, Schedule 1, Schedule 3, Schedule A, Schedule D, and Schedule E. Form instructions can be found on the IRS website. Download the forms to your machine and save with your initials at the end of the filename. *****IMPORTANT! ***** Do NOT prepare or save forms online (l.e. In the cloud). Compatibility issues with D2L may cause forms that have been prepared in the cloud to be unreadable when uploaded to the Dropbox. Download blank pdf tax forms and prepare them on your machine. Submit the Excel file and pdf forms in the D2L Dropbox by the due date. Facts: Sam and Holly Peters (ages 43 and 41) are married and live in Charlotte, NC. Their address is 2468 Treeline Blvd, Charlotte, NC 28205. They have 3 children, Jack (age 13), Henry (age 11), and Paige (age 8). Sam and Holly's nephew, Bryce (age 4), moved in with them during the year when Bryce's parents died. Their social security numbers are: Sam 111-22-4343 Holly 222-33-4141 Jack 333-44-1313 Henry 444-55-1111 Paige 555-66-8888 Bryce 666-77-4444 1. Sam Peters is employed as a corporate attorney for Starr Industries. He provides the following Form W-2 information: Line 1 Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld $178,000 26,500 142,800 8,854 Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 17 State income tax withheld 200,000 2,900 7,700 He participates in Starr's 401(k) plan as well as the nonqualified deferred compensation plan offered to key employees. He deferred $10,000 of salary in the NQDC plan during 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started