I need these to be done as soon as possible. Chapter 6 In-Class Scenario (C Ch10-01)Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Securitynumbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21,1968, and Bruce's is June 27, 1967. They live at 473 Revere Avenue, Maumee, OH 43537. Aliceis the office manager for Lowell Dental Clinic, 433 Broad Street, Sylvania, OH 43560 (employeridentification number 98-7654321). Bruce is the manager of a Super Burgers fast-food outletowned and operated by Plymouth Corporation, 1247 Central Avenue, Toledo, OH 43617(employer identification number 11-1111111).The following information is shown on their Wage and Tax Statements (Form W-2) for 2017.●●●Line12345615161718The Byrds provide over half of the support of their two children, Cynthia (born January 25,1992, Social Security number 123-45-6788) and John (born February 7, 1999, Social Securitynumber 123-45-6786). Both children are full-time students and live with the Byrds except whenthey are away at college. Cynthia earned $4,200 from a summer internship in 2017, and Johnearned $3,800 from a part-time job.During 2017, the Byrds provided 60% of the total support of Bruce's widower father, Sam Byrd(born March 6, 1939, Social Security number 123-45-6787). Sam lived alone and covered therest of his support with his Social Security benefits. Sam died in November, and Bruce, thebeneficiary of a policy on Sam's life, received life insurance proceeds of $1,600,000 onDecember 28.The Byrds had the following expenses relating to their personal residence during 2017:Property taxesQualified interest on home mortgageRepairs to roofUtilitiesFire and theft insuranceDescriptionWages, tips, other compensationFederal income tax withheldSocial Security wagesSocial Security tax withheldMedicare wages and tipsMedicare tax withheldThe Byrds had the following medical expenses for 2017:Medical insurance premiumsDoctor bill for Sam incurred in 2014 and not paid until 2017Operation for SamStateState wages, tips, etc.State income tax withheldLocal income tax withheld$1040For the year Jan. 1-Dec 31, 2016, or other tax year beginningYour first name and initialExemptionsIncomeBRUCE MIf a joint return, spouse's first name and initialMAUMEE, OH 43537Foreign country nameFiling StatusCheck only onebox.Other relevant information follows:When they filed their 2016 state return in 2017, the Byrds paid additional state income tax of$900.Required:Compute net tax payable or refund due for Alice and Bruce Byrd for 2017. If they haveoverpaid, they want the amount to be refunded to them.Make realistic assumptions about any missing data.If an amount box does not require an entry or the answer is zero, enter "0".attach FormsW-2G and1099-R if taxwas withheld.During 2017, Alice and Bruce attended a dinner dance sponsored by the Lowell Police DisabilityAssociation (a qualified charitable organization). The Byrds paid $300 for the tickets. The cost ofcomparable entertainment would normally be $50.The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of$1,200 and fair market value of $350) to the Salvation Army. All donations are supported byreceipts, and the clothing is in very good condition.In 2017, the Byrds received interest income of $2,750, which was reported on a Form 1099-NTfrom Second National Bank.Alice's employer requires that all employees wear uniforms to work. During 2017, Alice spent$850 on new uniforms and $566 on laundry charges.Bruce paid $400 for an annual subscription to the Journal of Franchise Management and $741for annual membership dues to his professional association.Neither Alice's nor Bruce's employer reimburses for employee expenses.The Byrds do not keep the receipts for the sales taxes they paid and had no major purchasessubject to sales tax.All members of the Byrd family had health insurance coverage for all of 2017.Alice and Bruce paid no estimated Federal income tax. Neither Alice nor Bruce wants todesignate $3 to the Presidential Election Campaign Fund.Enter all amounts as positive numbers.It maybe necessary to complete the tax schedules before completing Form 1040.ALICE JBYRDHome address (number and street). If you have a P.O. box, see instructions.If more than fourdependents, seeinstructions andcheck here ►Attach Form(s)W-2 here. AlsoAdjustedGrossIncomeIf you did notget a W-2,see instructions.$4,5007,6008,500Prescription medicines for Sam900Hospital expenses for Sam3,500Reimbursement from insurance company, received in 20173,600The medical expenses for Sam represent most of the 60% that Bruce contributed towardhis father's support.Department of the Treasury-Internal Revenue Service(99)U.S. Individual Income Tax Return473 REVERE AVECity, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).1 Single(1) First nameJOHN BYRDSAM BYRDLast nameBYRDLast name$5,0008,7005,7502Married filing jointly (even if only one had income)3 Married filing separately. Enter spouse's SSN aboveand full name here. ►4,1001,90020162016, endingLast nameForeign province/state/county.Alice56aYourself. If someone can claim you as a dependent, do not check box 6a.bSpousec Dependents:(2) Dependent'ssocial security numberSON123456786123456787 PARENT$58,0004,50058,0003,59658,000841Ohio58,0002,950870(3) Dependent'srelationship to you.8b.d Total number of exemptions claimed7Wages, salaries, tips, etc. Attach Form(s) W-28aTaxable interest. Attach Schedule B if requiredb Tax-exempt interest. Do not include on line 8a9a Ordinary dividends. Attach Schedule B if requiredb Qualified dividends9b10 Taxable refunds, credits, or offsets of state and local income taxes11Alimony received.12 Business income or (loss). Attach Schedule C or C-EZ.13 Capital gain or (loss). Attach Schedule D if required. If not required, check here14 Other gains or (losses). Attach Form 4797..15a IRA distributions . 15a16a Pensions and annuities 16a2425 Health savings account deduction. Attach Form 88892526 Moving expenses. Attach Form 39032627 Deductible part of self-employment tax. Attach Schedule SE 2728 Self-employed SEP, SIMPLE, and qualified plans2829 Self-employed health insurance deduction2930 Penalty on early withdrawal of savings.3031a Alimony paid b Recipient's SSN ►31a32 IRA deduction.3233 Student loan interest deduction.3334 Tuition and feec. Attach Form 8917.3435 Domestic production activities deduction. Attach Form 8903 3536Add lines 23 through 35.37Subtract line 36 from line 22. This is your adjusted gross incomeFor Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space.20See separate instructions.Your social security numberForeign postal codeb Taxable amountb Taxable amount17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E18 Farm income or (loss). Attach Schedule F.19 Unemployment compensation20a Social security benefits 20a21 Other income. List type and amount22Combine the amounts in the far right column for lines 7 through 21. This is your total income ▶23 Educator expenses2324 Certain business expenses of reservists, performing artists, andfee-basis government officials. Attach Form 2106 or 2106-EZb Taxable amountApt. no.4 Head of household (with qualifying person). (See instructions.) Ifthe qualifying person is a child but not your dependent, enter thischild's name here. ►Qualifying widow(er) with dependent child(4)✓if child under age 17qualifying for child tax credit(see instructions)Bruce$62,1006,30062,1003,85062,100900Ohio62,1003,1001,39778a1 1 1 1 1 1 1 1 2Spouse's social security number1 2 3 4 5 6 789Make sure the SSN(s) aboveand on line 6c are correct.Presidential Election CampaignCheck here if you, or your spouse if ingjointly, want $3 to go to this fund. Checkinga box below will not change your tax orrefund.You Spouse9a10 1 12 13 141115b16b17181920b21223637Cat. No. 11320BBoxes checkedon 6a and 6bNo. of childrenon 6c who:lived with youdid not live withyou due to divorceor separation(see instructions)Dependents on 6cnot entered aboveAdd numbers onlines above12010027501228502122850Form 1040 (2016)

Income tax is the tax that governments levy on income or revenue earned or produced by organizations…

Chapter 6 In-Class Scenario (C Ch10-01) Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1968, and Bruce's is June 27, 1967. They live at 473 Revere Avenue, Maumee, OH 43537. Alice is the office manager for Lowell Dental Clinic, 433 Broad Street, Sylvania, OH 43560 (employer identification number 98-7654321). Bruce is the manager of a Super Burgers fast-food outlet owned and operated by Plymouth Corporation, 1247 Central Avenue, Toledo, OH 43617 (employer identification number 11-1111111). The following information is shown on their Wage and Tax Statements (Form W-2) for 2017. Line 1 2 3 4 5 6 15 16 17 18 Description Wages, tips, other compensation Federal income tax withheld Social Security wages Social Security tax withheld Medicare wages and tips Medicare tax withheld State State wages, tips, etc. State income tax withheld Local income tax withheld Alice $58,000 4,500 58,000 3,596 58,000 841 Ohio 58,000 2,950 870 Bruce $62,100 6,300 62,100 3,850 62,100 900 Ohio 62,100 3,100 1,397 The Byrds provide over half of the support of their two children, Cynthia (born January 25, 1992, Social Security number 123-45-6788) and John (born February 7, 1999, Social Security number 123-45-6786). Both children are full-time students and live with the Byrds except whe they are away at college. Cynthia earned $4,200 from a summer internship in 2017, and John earned $3,800 from a part-time job.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks