Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

That is all given no more information of birth: December 18, 1971 and September 14, 1971, respectively) are married with three children: Jason, MaryJane and

image text in transcribed
image text in transcribed
image text in transcribed
That is all given no more information
of birth: December 18, 1971 and September 14, 1971, respectively) are married with three children: Jason, MaryJane and Sally (dates of birth: July 22, 2000, June 6, 2002 and February 14, 2007, respectively). John works as a Salesman for LMN Corporation and Lucy is an Administrative Assistant for ZYX Corporation. See the client's tax returr'cuments for more information. Lucy began a Typing Service during 2020. See the Trial Balance for income and expenses. Both the computers and software were purchased on 07/15/2020. Lucy would like to take the maximum depreciation available on these assets. Assume the Schedule C net profit does not qualify as a qualified business income under Section 199A. The Miegel's received qualified dividends from LMN Corporation and interest from First National Bank. See the client's tax return documents for more information. The Miegel's reported the following payments during the year: $2,000 of medical expenses (after insurance) $340 of prior year state income tax paid $750 charitable contribution to a qualified charity $14,600 of mortgage interest $6,900 of real estate taxes Required: 1. Prepare the Miegel's 2020 federal tax return. Use Form 1040, Schedule 1, Schedule 2, Schedule A (even if using the standard deduction), Schedule B, Schedule C, Schedule SE, and Form 4562 (with Schedule C). Lucy's Typing Services General Ledger Trial Balance As of December 31, 2020 Account ID Account Description Debit Amt Credit Amt 6,900.00 300.00 1,200.00 2,000.00 8,000.00 102000 105000 161001 161002 161301 161302 201000 203000 301000 310000 402001 420001 450000 602001 603001 605001 635101 640001 659001 659002 662001 665001 711001 712001 720001 723001 730001 731001 Cash Accounts Receivable Software A/D - Software Computers A/D - Computers Accounts Payable Notes Payable Capital Retained Earnings Refunds Received Typing Income Other Income Amortization Expense Bank S.C./Fees Depreciation Expense Insurance Interest Expense Meals Entertainment Miscellaneous Expense Office Expense Postage/Freight Professional Fees Rent Subscriptions Telephone Travel/Motel 1,200.00 400.00 Total: 10,000.00 10,000.00 Visit the IRS website at unse-file www.is.govijesti a Employee's social security number 111-22-3333 b Employer identification number (EIN) 44-5555555 c Employer's name, address, and ZIP code Safe, accurate, OMB No. 1545-0008 FASTI Use 1 Wages, tips, other compensation 58,500 3 Social security wages 58,500 5 Medicare wages and tips 58,500 7 Social security tips LMN Corporation 456 Main Street Longmont, CO 2 Federal income tax Withheld 7,225 social security tax withold 3,803 Medicare tax withheld 848 Allocated tips 9 10 Dependent care benefits Last name Suff. 11 Nonqualified plans 128 See instructions for box 12 d Control number 12345 Employee's first name and initial John Miegel 125 Curry Dr. Longmont, CO 13 Try 12b plan 14 Other 120 120 Employee's address and ZIP code 15 State Employer's stato ID number 98-765432 18 Local wages, tips, etc. 19 Local income tax 20 Locally une 16 State wages, tips, etc. 17 State income tax 58,500 1,900 War and TY of birth: December 18, 1971 and September 14, 1971, respectively) are married with three children: Jason, MaryJane and Sally (dates of birth: July 22, 2000, June 6, 2002 and February 14, 2007, respectively). John works as a Salesman for LMN Corporation and Lucy is an Administrative Assistant for ZYX Corporation. See the client's tax returr'cuments for more information. Lucy began a Typing Service during 2020. See the Trial Balance for income and expenses. Both the computers and software were purchased on 07/15/2020. Lucy would like to take the maximum depreciation available on these assets. Assume the Schedule C net profit does not qualify as a qualified business income under Section 199A. The Miegel's received qualified dividends from LMN Corporation and interest from First National Bank. See the client's tax return documents for more information. The Miegel's reported the following payments during the year: $2,000 of medical expenses (after insurance) $340 of prior year state income tax paid $750 charitable contribution to a qualified charity $14,600 of mortgage interest $6,900 of real estate taxes Required: 1. Prepare the Miegel's 2020 federal tax return. Use Form 1040, Schedule 1, Schedule 2, Schedule A (even if using the standard deduction), Schedule B, Schedule C, Schedule SE, and Form 4562 (with Schedule C). Lucy's Typing Services General Ledger Trial Balance As of December 31, 2020 Account ID Account Description Debit Amt Credit Amt 6,900.00 300.00 1,200.00 2,000.00 8,000.00 102000 105000 161001 161002 161301 161302 201000 203000 301000 310000 402001 420001 450000 602001 603001 605001 635101 640001 659001 659002 662001 665001 711001 712001 720001 723001 730001 731001 Cash Accounts Receivable Software A/D - Software Computers A/D - Computers Accounts Payable Notes Payable Capital Retained Earnings Refunds Received Typing Income Other Income Amortization Expense Bank S.C./Fees Depreciation Expense Insurance Interest Expense Meals Entertainment Miscellaneous Expense Office Expense Postage/Freight Professional Fees Rent Subscriptions Telephone Travel/Motel 1,200.00 400.00 Total: 10,000.00 10,000.00 Visit the IRS website at unse-file www.is.govijesti a Employee's social security number 111-22-3333 b Employer identification number (EIN) 44-5555555 c Employer's name, address, and ZIP code Safe, accurate, OMB No. 1545-0008 FASTI Use 1 Wages, tips, other compensation 58,500 3 Social security wages 58,500 5 Medicare wages and tips 58,500 7 Social security tips LMN Corporation 456 Main Street Longmont, CO 2 Federal income tax Withheld 7,225 social security tax withold 3,803 Medicare tax withheld 848 Allocated tips 9 10 Dependent care benefits Last name Suff. 11 Nonqualified plans 128 See instructions for box 12 d Control number 12345 Employee's first name and initial John Miegel 125 Curry Dr. Longmont, CO 13 Try 12b plan 14 Other 120 120 Employee's address and ZIP code 15 State Employer's stato ID number 98-765432 18 Local wages, tips, etc. 19 Local income tax 20 Locally une 16 State wages, tips, etc. 17 State income tax 58,500 1,900 War and TY

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

Auditing Cases An Active Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

2nd Edition

0130674842, 978-0130674845

More Books

Students also viewed these Accounting questions