Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ron Unger ACCT 3531 Form 1040 Worksheet Robert and Roberta Robertson both age 45 are married with 3 children - son, Rory - age

image text in transcribed
Ron Unger\" ACCT 3531\" Form 1040 Worksheet \" 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 201? W2 shows taxable wages of $125,000 and federal income tax withheld of $11,000. Roberta is a self-em ployed bookkeeper who works out of her home. Roberta received 1099-MISC forms showing total non-employee compensation of $40,000. Roberta paid $2,000 for office supplies; $3,200 for telephone [business line and fax] and 52.500 in computer expenses. W house expenses are as follows: \" - Mortgage interest 514,000\" - Real estate tax 9,500\" - Utilities 8,500\" ' Plum bing repairs 1,200\" ' Homeowners' insurance 1,400\" ' Jacuzzi purchase 81. installation 9,500\" - House purchase price 300,000 [Assign 10% of total cost to Land)\" Home office dimensions = 480 soft. Total house dimension: 2,000.59. ft.\" NOTE: Calculate your home ofce deduction and put record the deduction on Schedule Cline 30 {not necessary to send me for 8329 but be prepared to show me how you arrived at your deduction)\" Other interesting facts:\" ' Rory and Rhonda both attended day camp in 201?. Camp tuition paid for them in 201? was 55,000 {split equally between the two children}. Pre-school tuition for Roy was $9,500.\" - The Robertson donated 52,800 to various recognized charities\" - Robert paid $5,800 in 201? for unreimbursed employee expenses.\" ' The Wpaid $500 in 201? to have their 2016 taxes prepared.\" Roberta paid $6,500 in 201? for self-employed health insurance.\" ' In 201?, Robert paid $5,000 to his ex-wife Susan in alimony.\" ' Robert's W2 showed state and local tax withheld of $3,840.\" ' Roberta paid quarterly estimated payments as follows:\" 0 4f15l1? Federal tax $1,500 State 5300\" o 6f15l1? Federal tax $1,500 State 5300\" o 9f15l1? Federal tax $1,500 State 5300\" o 1f15l18 Federal tax $1,500 State 5300\" In Required:\" Prepare the 201? 1040 for themes. Fill out forms 1040, Schedule A, Schedule C, Schedule SE, Form 2441. 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 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

Fundamentals Of Cost Accounting

Authors: William Lanen, Shannon Anderson

2nd Edition

0071332618, 978-0071332613

More Books

Students also viewed these Accounting questions