Question

In: Accounting

Required: Use the following information to complete Rhonda Hill's 2017 federal income tax return. If any...

Required: Use the following information to complete Rhonda Hill's 2017 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms.

Facts:

1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in the home. Mabel is retired and receives $2,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information:

Rhonda does not want to contribute to the presidential election campaign.

Rhonda lives at 1234 Blue Ridge Way, Tulsa, OK 74101.

Rhonda's birthday is 12/18/1952 and her Social Security number is 335-67-8910.

Mabel's birthday is 11/2/1944 and her Social Security number is 566-77-8899.

Rhonda does not have any foreign bank accounts or trusts.

Rhonda has qualifying insurance for purposes of the Affordable Care Act (ACA).

2. Rhonda received a Form W-2 from Carter and Associates (her employer) that contained the following information:

• Line 1 Wages, tips, other compensation:

$72,000

• Line 2 Federal income tax withheld:

9,300

• Line 3 Social Security wages:

72,000

• Line 4 Social Security tax withheld:

4,464

• Line 5 Medicare wages and tips:

72,000

• Line 6 Medicare tax withheld:

1,044

• Line 16 State wages, tips, etc.:

72,000

• Line 17 State income tax:

2,700

• Carter and Associates address is 1234 CPA Way Tulsa, OK 74101; its FEIN is 91:0001002; and its State ID number is 123456678

3. Rhonda received $250 in interest from Tulsa City bonds, $120 interest from IBM bonds, and $15 from her savings account at UCU Credit Union. She also received a $460 dividend from Huggies Company and $500 from Bicker Corporation. Both dividends are qualified dividends.

4. Rhonda sold 200 shares of DM stock for $18 a share on June 15, 2017. She purchased the stock on December 12, 2012, for $10 a share. She also sold 50 shares of RSA stock for $15 a share on October 2, 2017. She purchased the stock for $65 a share on February 2, 2017. Stock basis amounts have been reported to the IRS.

5. The following is a record of the medical expense that Rhonda paid for herself during the year. The amounts reported are amounts she paid in excess of insurance reimbursements. Rhonda drove 210 miles for medical purposes in 2017.

Insurance premiums

$3,700

Prescription medications

100

Over-the-counter medications

250

Doctor and dentist visits

1,450

Eyeglasses

300

Physical therapy

200

6. Rhonda paid $2,800 in mortgage interest during the year to UCU credit union (reported to her on Form 1098). She also paid $1,200 in real property taxes during the year.

7. Rhonda contributed $2,350 to Heavenly Church during the year. Heavenly Church's address is 1342 Religion Way, Tulsa, OK 74101.

Solutions

Expert Solution


Related Solutions

Required: Use the following information to complete Rhonda Hill’s 2018 federal income tax return. If any...
Required: Use the following information to complete Rhonda Hill’s 2018 federal income tax return. If any information is missing, use reasonable assumption to fill in the gaps. The forms, schedules and instruction can be found at the IRS website. The instruction can e helpful in completing the forms. Facts Rhonda Hill (unmarried) is employed as an office manager at the amin office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda’s older...
Use the following information to complete Rhonda Hill’s 2018 federal income tax return. If any information...
Use the following information to complete Rhonda Hill’s 2018 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. Required ∙ The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago....
INDIVIDUAL TAX RETURN PROBLEM 3 Required:      Use the following information to complete Rhonda Hill’s 2018...
INDIVIDUAL TAX RETURN PROBLEM 3 Required:      Use the following information to complete Rhonda Hill’s 2018 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home...
Required: Use the following information to complete Armando and Lourdes Gonzales’s 2016 federal income tax return....
Required: Use the following information to complete Armando and Lourdes Gonzales’s 2016 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 2106-EZ, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, Form 8863, Form 8949. Facts: Armando Z. and Lourdes K....
Use the following information to complete Armando and Lourdes Gonzales’s 2018 federal income tax return. If...
Use the following information to complete Armando and Lourdes Gonzales’s 2018 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. ∙ You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, Form 8863, and Form 8949. The forms, schedules, and instructions can...
INDIVIDUAL TAX RETURN PROBLEM 5 Required: ∙ Use the following information to complete Armando and Lourdes...
INDIVIDUAL TAX RETURN PROBLEM 5 Required: ∙ Use the following information to complete Armando and Lourdes Gonzales’s 2018 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. ∙ You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, Form 8863, and Form...
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Juan (28) has...
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Juan (28) has gross income of $15,400. He is a qualifying widower with one dependent. Elaine (68) has gross income of $12,150. She is single and has no dependents. Randy (32) has gross income of $4,000. His filing status is married filing separately. Robert (65) and Maria (61) have gross income of $21,500. They wish to file a joint return.
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Willenda (32) has...
Which taxpayer(s) is/are required to file a federal income tax return for 2017? Willenda (32) has gross income of $13,350. She will file as head of household with one dependent. Jamison (68) has gross income of $11,900. He is single and has no dependents. Marvin (37) and Joyce (35) have gross income of $20,780. They wish to file a joint return. Matt (67) and Trina (63) have gross income of $22,100. They wish to file a joint return.
Tax Return Problem 5 Required: Use the following information about Armando and Lourdes Gonzales in 2017....
Tax Return Problem 5 Required: Use the following information about Armando and Lourdes Gonzales in 2017. Calculate the refund or the taxes due. Facts: Armando and Lourdes Gonzales are married and file a joint return. Armando is self-employed as a dentist, and Lourdes is a college professor. They have three children Oldest is Ricardo – lives at home, law student at U of C and worked part time during the year, earning $1,500, which he spent for his own support....
To complete this assignment, read the information below and then complete the 2017 partnership tax return...
To complete this assignment, read the information below and then complete the 2017 partnership tax return (form 1065) including the K-1’s, and both individuals’ 2018 1040 by hand. Scenario Craft Beer Brewing Partnership Revenues 681,000 Office Rent 28,000 COGS 198,000 Salaries 238,000 ST Gain on Sale of Stock 100,000 LT Loss on Sale of Stock 500,000 Contributions to Charities 60,000 Investment Expenses 6,000 Friends Dan and Lisa are each partners in the beer brewing partnership above. Dan owns 3% Lisa...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT