[The following information applies to the questions displayed below.] Consider the following narrative describing the process of preparing an income tax return: Each year before April 15, you file your income taxes. You collect multiple W-2 and 1099 documents. You prepare your tax return and double-check it for accuracy. You file your forms. You mail your documents to the IRS. If you are getting a refund, you wait to receive your refund by check and deposit your refund in your bank account. Required: b. Consider the same narrative as described in the beginning. You are using cloud-based tax software. You still need to assemble your W-2 and 1099 documents, but you no longer need to download IRS forms since the software will prepare the forms for you. Once you complete entering your information, you will file electronically. The IRS sends your refund directly to your bank account. If you owe money, the IRS will automatically deduct the amount from your checking account in 7 days. For each step in the diagram from the beginning, enter the appropriate symbol and label. If two events can occur at the same time, enter information for both. The 2nd, 5th, and 8th steps have been entered. Select from the following symbols 1. Start Event 2. End Event 3. Intermediate Event 4. Task 5. Exclusive Gateway 6. Inclusive Gateway 7. Parallel Gateway 8. Looping Task 9. Intermediate Timer Event 10. Intermediate Error Event 11. Start Timer Event Select from the following labels 1. Assemble W-2 and 1099 Forms 2. Download IRS forms and instructions 3. Fill out forms 4. Submit tax return 5. Automatic deduction 6. Receive refund in account 7. Write check 8. No label 9. Use cloud software (If there is no appropriate label for a particular step, select 'No label'. If more than one symbol or label is appropriate for a given step, select the choice that represents all possible choices.) Step Symbol(s) Label(s) 1 2 3 4 5 Task and Task Submit tax return and Automatic deduction 6 7 8 End Event and Task Receive refund in account and No label 6

[The following information applies to the questions displayed below.] Consider the following narrative describing the process of preparing an income tax return: Each year before April 15, you file your income taxes. You collect multiple W-2 and 1099 documents. You prepare your tax return and double-check it for accuracy. You file your forms. You mail your documents to the IRS. If you are getting a refund, you wait to receive your refund by check and deposit your refund in your bank account. Required: b. Consider the same narrative as described in the beginning. You are using cloud-based tax software. You still need to assemble your W-2 and 1099 documents, but you no longer need to download IRS forms since the software will prepare the forms for you. Once you complete entering your information, you will file electronically. The IRS sends your refund directly to your bank account. If you owe money, the IRS will automatically deduct the amount from your checking account in 7 days. For each step in the diagram from the beginning, enter the appropriate symbol and label. If two events can occur at the same time, enter information for both. The 2nd, 5th, and 8th steps have been entered. Select from the following symbols 1. Start Event 2. End Event 3. Intermediate Event 4. Task 5. Exclusive Gateway 6. Inclusive Gateway 7. Parallel Gateway 8. Looping Task 9. Intermediate Timer Event 10. Intermediate Error Event 11. Start Timer Event Select from the following labels 1. Assemble W-2 and 1099 Forms 2. Download IRS forms and instructions 3. Fill out forms 4. Submit tax return 5. Automatic deduction 6. Receive refund in account 7. Write check 8. No label 9. Use cloud software (If there is no appropriate label for a particular step, select 'No label'. If more than one symbol or label is appropriate for a given step, select the choice that represents all possible choices.) Step Symbol(s) Label(s) 1 2 3 4 5 Task and Task Submit tax return and Automatic deduction 6 7 8 End Event and Task Receive refund in account and No label 6

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 7P

See similar textbooks