Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Robert and Roberta Robertson both age 45 are married with 3 children - son, Rory - age 14: daughter Rhonda - age 10 and baby

image text in transcribed

Robert and Roberta Robertson both age 45 are married with 3 children - son, Rory - age 14: daughter Rhonda - age 10 and baby Roy - age 3. Robert works as a banker. His 2016 W2 shows taxable wages of $110,000 and federal income tax withheld of $11,000. Roberta is a self-employed bookkeeper who works out of her home. Roberta received 1099-MISC forms showing total non-employee compensation of $50,000. Roberta paid $5,000 for office supplies: $3,000 for telephone (business line and fax) and $2.500 in computer expenses. Total 2016 house expenses are as follows: Mortgage interest $12,000 Real estate tax 8, 500 Utilities 6, 500 Plumbing repairs 1, 500 Homeowners' insurance 1, 800 Jacuzzi purchase & installation 9, 500 House purchase price 225,000 Home office dimensions = 500 sq ft. Total house dimensions = 2,000 sq ft. other interesting facts: Rory and Rhonda both attended day camp in 2016. Camp tuition paid for them in 2016 was $4, 800 (split equally between the two children). Pre-school tuition for Roy was $7, 500. The Robertson donated $2, 500 to various recognized charities Robert paid $5,000 in 2016 for unreimbursed employee expenses. The Robertsons paid $500 in 2016 to have their 2015 taxes prepared. Rhonda paid $4, 500 in 2016 for self-employed health insurance. In 2016, Robert paid $5,000 to his ex-wife Susan in alimony. Robert's w2 showed state and local tax withheld of $4, 477. Roberta paid quarterly estimated payments as follows: 4/15/16 Federal tax $1, 500 State $300 6/15/16 Federal tax $1, 500 State $300 9/15/16 Federal tax $1, 500 State $300 1/15/17 Federal tax $1, 500 State $300 Required Prepare the 2016 1040 for the Robertsons. Fill out forms 1040, Schedule A, Schedule C, Schedule SE, Form 2441 and Form 8829. Calculate the additional federal income tax that they owe or the amount that was overpaid. Robert and Roberta Robertson both age 45 are married with 3 children - son, Rory - age 14: daughter Rhonda - age 10 and baby Roy - age 3. Robert works as a banker. His 2016 W2 shows taxable wages of $110,000 and federal income tax withheld of $11,000. Roberta is a self-employed bookkeeper who works out of her home. Roberta received 1099-MISC forms showing total non-employee compensation of $50,000. Roberta paid $5,000 for office supplies: $3,000 for telephone (business line and fax) and $2.500 in computer expenses. Total 2016 house expenses are as follows: Mortgage interest $12,000 Real estate tax 8, 500 Utilities 6, 500 Plumbing repairs 1, 500 Homeowners' insurance 1, 800 Jacuzzi purchase & installation 9, 500 House purchase price 225,000 Home office dimensions = 500 sq ft. Total house dimensions = 2,000 sq ft. other interesting facts: Rory and Rhonda both attended day camp in 2016. Camp tuition paid for them in 2016 was $4, 800 (split equally between the two children). Pre-school tuition for Roy was $7, 500. The Robertson donated $2, 500 to various recognized charities Robert paid $5,000 in 2016 for unreimbursed employee expenses. The Robertsons paid $500 in 2016 to have their 2015 taxes prepared. Rhonda paid $4, 500 in 2016 for self-employed health insurance. In 2016, Robert paid $5,000 to his ex-wife Susan in alimony. Robert's w2 showed state and local tax withheld of $4, 477. Roberta paid quarterly estimated payments as follows: 4/15/16 Federal tax $1, 500 State $300 6/15/16 Federal tax $1, 500 State $300 9/15/16 Federal tax $1, 500 State $300 1/15/17 Federal tax $1, 500 State $300 Required Prepare the 2016 1040 for the Robertsons. Fill out forms 1040, Schedule A, Schedule C, Schedule SE, Form 2441 and Form 8829. Calculate the additional federal income tax that they owe or the amount that was overpaid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions