Question
Tax return problem That is the link to the PDF to the problem I need help with. I tired doing it myself, but I have
Tax return problem
That is the link to the PDF to the problem I need help with. I tired doing it myself, but I have not been able to due to the limited amount of resources given to me by my teacher.
The data needed is avaiable on the link to the PDF.There was no way for to copy and paste the entire PDF here.
The instruction are as follows:
INSTRUCTIONS: You need to turn in the following forms: PLEASE USE 2015 FORMS !
1040, 1040 Schedule A, 1040 Schedule C,1040 Schedule D, 1040 Schedule E, 1040 Schedule SE.
Do NOT Complete form 2241. Instead, put $600 on line 49 of Form 1040. Also, do not complete Form 8949 or Form 8582
You will need to complete the Qualified Dividends and Capital Gains worksheet found in the Form 1040 Instructions to calculate the tax, but you do not need to turn in this form.
D-2 Appendix D Comprehensive Problem One Noah and Joan Ar's Tax Return Noah and Joan Arc live with their family at 4342 Josie Jo, Santee, CA 92071. Noah's Social Security number is 434-11-3311: Joan's is 456-87-5432. Both are in their mid-30s and enjoy good health and eyesight. Noah owns and operates a pet store and Joan is a fire fighter for the city 1. The Arcs have two children, a son named Billie Bob (Social Security number 598-01 2345), who is 7 years old, and a daughter named Mary Sue (Social Security number 554-33-2411), who is 4 years old. The Arcs paid $3,200 to the Roundup Day Care Cen ter to take care of Mary Sue while they worked. Because Joan is a firefighter, she was home in the afternoon to care for Billie Bob after school. 2. For the current year, Joan's W-2 from the city fire department is located on Page D-4 Noah made estimated federal income tax payments of $12,000 and estimated state income tax payments of $1,020 during the current year 3. Noah's pet store is located at 18542 Mission Road, Santee, CA 92071. The name of the store is"The Arc,"and its taxpayer ID number is 95-9876556. The beginning inventories and ending inventories are both $10,000. The revenue and expenses for the year are as follows: Sales revenue (merchant card sales) $144,300 Cost of sales Insurance Accounting fees Wages Payroll taxes Business meals (total) Utilities Rental expense $61,900 780 1,800 25,100 2,250 $400 2,650 7,600 4. Noah and Joan paid the foliowing amounts during the year (all by check) $250 Political contribution:s Church donations (for which a written 2,700 1,350 acknowledgment was received) Rcal estate taxes on their home Mortgage interest for purchase of home Tax return preparation fees Credit card interest Automobile insurance premiums Uniforms for Joan See Form 1098 (Page D-5) 350 220 600 125 USE 3015 FORmsStep by Step Solution
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