Tax Accounting Tax Preparation Project Fall 2019 Make sure your name is at the top right of each page you are handing in All required Forms and Schedules must be completed and handed in All blank forms can be printed from the IRS website, irs gov This assignment is due 12 6 19 5 30p m No extensions will be granted Unless you have a compelling reason to e mail your results, I strongly prefer that the assignment be turned in to me in hard copy form Based on the following information prepare the 2018 tax return for Jack and Jill Hill Jack is 49 years old and Jill is 47 years old Make up any Social Security Numbers you need Do not use your own Jack is a salesman and Jill is a self employed writer You are to prepare only Jack and Jill's 2018 federal income tax return You are not required to prepare a tax return for Bill and Hope Bill and Hope's income information is only for purposes of determining if they qualify as dependents 1) Jack and Jill have two kids Bill is 22 years old and a full time student at UMES Hope is 12 years old 2) Jack and Jill paid $5,000 for tuition and books to UMES for Bill He lived at home while attending UMES 3) Bill had a summer job and made $2,000 Hope had no income They both lived in Jack and Jill's home the entire 12 months 4) Jack has a W 2 from Sales, Inc with the following information Gross wages $80,000 Federal income tax withheld $15,000 State income tax withheld $7,000 Social security withheld $4,960 Medicare withheld $1,160 5) Jill was a self employed writer and the following are her business income and expenses Gross revenue $20,000 On 1 5 2018, she acquired office furniture for $1,500 and she would like to elect to take the Section 179 expensing election It was used 100 business She paid $2,500 for Supplies She paid $1,000 dues to the National Writers Association an organization to help writers sell their work 6) Jack had $500 interest income from his savings account at Farmer's Bank 7) Jill had qualifying dividends of $1,000 from her General Motors stock

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Tax Accounting Tax Preparation Project Fall 2019 Make sure your name is at the top right of each page you are handing in  All required Forms and Schedules must be completed and handed in  All blank forms can be printed from the IRS website, irs gov  This assignment is due 12 6 19 5 30p m  No extensions will be granted  Unless you have a compelling reason to e mail your results, I strongly prefer that the assignment be turned in to me in hard copy form  Based on the following information prepare the 2018 tax return for Jack and Jill Hill  Jack is 49 years old and Jill is 47 years old  Make up any Social Security Numbers you need  Do not use your own  Jack is a salesman and Jill is a self employed writer  You are to prepare only Jack and Jill's 2018 federal income tax return  You are not required to prepare a tax return for Bill and Hope  Bill and Hope's income information is only for purposes of determining if they qualify as dependents  1) Jack and Jill have two kids  Bill is 22 years old and a full  time student at UMES  Hope is 12 years old  2) Jack and Jill paid $5,000 for tuition and books to UMES for Bill  He lived at home while attending UMES  3) Bill had a summer job and made $2,000  Hope had no income They both lived in Jack and Jill's home the entire 12 months  4) Jack has a W 2 from Sales, Inc with the following information  Gross wages $80,000 Federal income tax withheld $15,000 State income tax withheld $7,000 Social security withheld $4,960 Medicare withheld $1,160 5) Jill was a self employed writer and the following are her business income and expenses  Gross revenue $20,000 On 1 5 2018, she acquired office furniture for $1,500 and she would like to elect to take the Section 179 expensing election  It was used 100  business  She paid $2,500 for Supplies She paid $1,000 dues to the National Writers Association   an organization to help writers sell their work 6) Jack had $500 interest income from his savings account at Farmer's Bank  7) Jill had qualifying dividends of $1,000 from her General Motors stock

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Tax Accounting Tax Preparation Project Fall 2019 Make sure your name is at the top right of each page you are handing in. All required

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