not use ai please Chapter 2Problem 2B-Carl Conch & Mary Duval2B. Carl Conch and Mary Duval are married and file a joint return. Carl is retired US Army but likes tostay busy, and so he works as a part-time baker at the Key Lime Pie Company. Mary is unemployedsince losing her job in 2022. Carl's birth date is June 14, 1958, and Mary's is October 2, 1968.Carl and Mary help support an old Army friend of Carl's named Buster Crabbe, Buster is 72 yearsold and lives in an over-55 community in Key West near Carl and Mary's apartment. Buster has asmall Social Security benefit of $6,000 per year, and so Carl and Mary provide for more than half ofhis support. Buster's birth date is June 12, 1951, and his Social Security number is 454-11-1719.Carl's W-2, 1099-R (Army pension), and Social Security benefits statement are presented below.

In Problem 2B, Carl Conch and Mary Duval are married, file a joint tax return, and support an…

Answered: Chapter 2 Problem 2B-Carl Conch & Mary…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 1CTRP

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Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred 90,000 to her in settlement of the personal injuries she sustained. The Deans had the following expenditures for 2018: The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employers pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution. The Deans household includes the following, for whom they provide more than half of the support: Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned 8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wandas widower father who died on December 20, 2017. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is 4,200 (Lance) and 2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2018 for the Deans on a joint return by completing the appropriate forms. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online.
7. please both and show work
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Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of 4,655 in 2018. Bill paid 4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the 4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of 315,000, office expenses of 66,759, employee salary of 63,000, employee payroll taxes of 4,820, business meal expenses (before the 50% reduction) of 22,000, and rent expense of 34,000. The rent expense includes payments related to renting an office (30,000) and payments related to renting various equipment (4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are 23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Note: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had 800 of interest income from State of Ohio bonds and 600 of interest income on her Wayne Savings Bank account. She paid 25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Ashley made a 26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Compute Ashleys net tax payable or refund due for 2018. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, C, D, and SE and Form 8949. Ashley qualifies for the 199A deduction for qualified business income. Be sure to include that in your calculations. Suggested software: ProConnect Tax Online.
Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. . . Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail's mother, Carmen, after she separated from her spouse in April of 2021. Abigail's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. Advanced Scenario 4: Test Questions 9. For the purpose of determining dependency, Andrea could be the qualifying child of a. Only Carmen b. Only Abigail c. Either Carmen or Abigail d. Neither Carmen nor Abigail 10. Abigail is eligible to claim Andrea for the earned income credit. a. True b. False
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Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
3. Ralph and Sybil own a home in Memphis, which is insured by a standard homeowners policy. They also rent a beach house in Destin on an annual basis. Rodney, their insurance agent, suggests that they consider increasing the limit on personal property at the beach house, because the standard homeowners policy provides a limit of only_of the personal property limit on their primary residence. a. 25 percent b.10 percent. c.15 percent d. 5 percent
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