Tax 1

Questions: 6. What is Schedule E depreciation (Rental property)? 7. What is Schedule E net income (Rental income & Sub-S income)? 8. What is the total "For AGI deductions? 9. What is Adjusted Gross Income? 10. What is the Schedule A deduction for taxes? 6. Paul received free parking in the company's security garage that would normally cost $200 per month. 7. Paul manages the safety program for ASCI. In recognition of his superior handling of three potential crises during the year. Paul was awarded the Employee Safety Award on December 15. The cash award was $800. On January 15, of the current year, Paul's father died. From his father's estate, he received stock valued at $30,000 (father's basis was $12,000) and his father's house valued at $105,000 (father's basis in the house was $55,000). 9. Paul owns several other investments and received the following information reports for the current tax year Form 1009-Dir: General Dynamics - Gross qualified dividends - 5600 Form 1099-Int New Jersey Economic Development bonds - Gross interest - $300 IBM bonds-Gross interest - 5600 State of Nebraska bonds - Gross Interest - $200 10. In addition to the investments discussed above, Paul owns 1.000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an Scorporation and had 100,000 shares outstanding. Grubstake reported taxable income of $200,000 and part distribution of $1.00 per share during the current year. Paul does not materially partie Grubstake's activities. 0 02 B 21 114 State income tax refund Miscellaneous Income Schedule B 24 19 General Dynamics gross qualifed dividends 25 19 New Jersey Development bonds IBM bonds 27 19 State of Nebraska bonds 28 Net Schedule B 29 122 Schedule C . 30 111 Schedule D 31 15, 10 Schedule E - Total 26 99 OOOOOOO w $ If a gain, enter as a positive. If a loss, enter as a negative. 34 11 Deductions for AGI Alimony deduction One-half SE tax deduction Total Deductions for AGI 0 8 ADJUSTED GROSS INCOME: 42 118 43 118 44 9 18 Deductions from AGI: Medical Dentist Doctor Prescription drugs UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps Update now C145 - X fr 0 A 42 118 43 118 44 118 45 118 46 118 47 418 48 118 49 118 Deductions from AGI: Medical Dentist Doctor Prescription drugs Over-the-counter drugs Optometrist Emergency room services LASIK eye surgery Chiropractor Subtotal Less: AGI limitation Net Medical deduction Taxes State income taxes withheld from wages State income taxes paid as estimated taxes Real estate taxes on primary residence Ad valorem taxes on their cars Car registration fees Taxes OOOOOOOOOOOOOOOOO Enter as a positive 54 12 55 13 56 116 57 117 58 917 62 119 1 Interest Expenses Primary home mortgage Sheet1 Sheet2 Sheet3 Questions: 6. What is Schedule E depreciation (Rental property)? 7. What is Schedule E net income (Rental income & Sub-S income)? 8. What is the total "For AGI deductions? 9. What is Adjusted Gross Income? 10. What is the Schedule A deduction for taxes? 6. Paul received free parking in the company's security garage that would normally cost $200 per month. 7. Paul manages the safety program for ASCI. In recognition of his superior handling of three potential crises during the year. Paul was awarded the Employee Safety Award on December 15. The cash award was $800. On January 15, of the current year, Paul's father died. From his father's estate, he received stock valued at $30,000 (father's basis was $12,000) and his father's house valued at $105,000 (father's basis in the house was $55,000). 9. Paul owns several other investments and received the following information reports for the current tax year Form 1009-Dir: General Dynamics - Gross qualified dividends - 5600 Form 1099-Int New Jersey Economic Development bonds - Gross interest - $300 IBM bonds-Gross interest - 5600 State of Nebraska bonds - Gross Interest - $200 10. In addition to the investments discussed above, Paul owns 1.000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an Scorporation and had 100,000 shares outstanding. Grubstake reported taxable income of $200,000 and part distribution of $1.00 per share during the current year. Paul does not materially partie Grubstake's activities. 0 02 B 21 114 State income tax refund Miscellaneous Income Schedule B 24 19 General Dynamics gross qualifed dividends 25 19 New Jersey Development bonds IBM bonds 27 19 State of Nebraska bonds 28 Net Schedule B 29 122 Schedule C . 30 111 Schedule D 31 15, 10 Schedule E - Total 26 99 OOOOOOO w $ If a gain, enter as a positive. If a loss, enter as a negative. 34 11 Deductions for AGI Alimony deduction One-half SE tax deduction Total Deductions for AGI 0 8 ADJUSTED GROSS INCOME: 42 118 43 118 44 9 18 Deductions from AGI: Medical Dentist Doctor Prescription drugs UPDATES AVAILABLE Updates for Office are ready to be installed, but first we need to close some apps Update now C145 - X fr 0 A 42 118 43 118 44 118 45 118 46 118 47 418 48 118 49 118 Deductions from AGI: Medical Dentist Doctor Prescription drugs Over-the-counter drugs Optometrist Emergency room services LASIK eye surgery Chiropractor Subtotal Less: AGI limitation Net Medical deduction Taxes State income taxes withheld from wages State income taxes paid as estimated taxes Real estate taxes on primary residence Ad valorem taxes on their cars Car registration fees Taxes OOOOOOOOOOOOOOOOO Enter as a positive 54 12 55 13 56 116 57 117 58 917 62 119 1 Interest Expenses Primary home mortgage Sheet1 Sheet2 Sheet3