3-2 Project One Milestone

Critical Thinking:  Chapter 5 – Reducing A High Unemployment Tax Rate   Overview:  These problems are meant to encourage deeper thinking on the material presented in the textbook. You are to answer ALL questions presented in the problem using the knowledge you have gained throughout the textbook. However, do not simply repeat what is in the book. Use that information and interpret it the best you can to apply it to the situation.   Requirements:  Review the information and questions below. Provide a detailed 4-5 sentence explanation on how you would solve the problem or issue, based not only on the readings in the chapter, but your own personal experience and/or any additional outside research you perform.  If quoting a source directly, make sure to cite that source, but do not rely solely on quoted materials.   Issue:  Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money for state…

Question 18: Julio has $10 withheld from every paycheck to be used as a donation to a local charity. When his employer pays these withheld amounts to the charity, what type of account is debited? Answer: A. O Asset В. O Liability C. O Revenue D. O Expense

Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…

Practice: Chapter 03 Preparing Your Taxes Chapter 3 Critical Thinking Case 2 Julian Thomas: Walter or Tax Expert? Julian Thomas, who is single, goes to graduate school part-time and works as a waiter at the Bay Grill in San Francisco. During 2018, his gross income was $20,500 in wages and tips. He has decided to prepare his own tax return because he cannot afford the services of a tax expert. After preparing his return, he comes to you for advice. Here's a summary of the figures he has prepared thus far: Gross income: Wages Tips Adjusted gross income (AGI) Less: Standard deduction Taxable income $12,400 +8,100 $20,500 $12,000 $8,500 Julsan believes that if an individual's income falls below $23,000, the federal government considers him or her "poor" and allows both itemized deductions and a standard deduction. He has found $2,300 in potential itemized deductions. 1. Calculate Julian Thomas' taxable income. Assume that the standard deduction for a single taxpayer is $12,000 Note that…

What Form is required?Explaining why this is the correct form?