Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the 1040 links below, Qiang Gao graduated from college in 2011 and began work as a systems analyst in July of that year. He

  1. Use the 1040 links below, Qiang Gao graduated from college in 2011 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2011 and has collected the financial information shown in the table to the right for that calendar year.
Tuition, scholarships, and grants $5,750
Scholarship, room, and board 1,850
Salary 30,250
Interest income 185
Deductible expenses, total 3,000
Income taxes withheld 2,600

Prepare Qiangs 2011 tax return, using a $5,700 standard deduction, a personal exemption of $3,650, and the tax rates given in Exhibit 3.3 on pg 57 of your textbook. Which tax form should Qiang use, and why?

Prepare Qiangs 2011 tax return using the data in part a along with the following information:

IRA contribution $5,000
Cash dividends received 150

1. Which tax form should he use in this case? Why?

2. Prepare Qiang's Tax Return. Click on the link below to go to the IRS Form 1040EZ or 1040. You will need to download, print, complete the form, and upload this completed return back into Canvas.

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_2

Step: 3

blur-text-image_3

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 Financial Management

Authors: James C. Van Horne

10th Edition

0138596875, 9780138596873

More Books

Students also viewed these Finance questions

Question

2. I appreciate a wide variety of music.

Answered: 1 week ago