Sign In
Not register? Register Now!
Essay Available:
Pages:
1 page/≈275 words
Sources:
Check Instructions
Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Other (Not Listed)
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.68
Topic:

Tax Analysis Accounting, Finance, SPSS Research Paper (Other (Not Listed) Sample)

Instructions:

Due Week 6 and worth 155 points
Imagine that you are preparing taxes for a local tax service provider. A married couple named Judy and Walter Townson have come to you to seeking assistance with their federal income taxes. During your meeting with the Townsons, you gather the following information:
They are both 55 years of age.
They have two daughters and one son. One daughter (age 25) is married with children. One daughter (age 20) is living at home and attending college. Their son (age 16) is a junior in high school.
They are currently paying for their college-student daughter to attend school full time.
Judy is employed as a teacher and makes $60,000 a year. She used $500 of her personal funds to purchase books and other supplies for her classroom.
Walter is employed as a CPA and makes $100,000 a year.
They provided you a 1099-INT which reported $4,500 in interest, of which $500 was savings bond interest.
They provided you a 1099-DIV which reported $300 in dividends.
They received a state tax refund last year of $385.
They provided you a list of expenses including:
Doctor’s bills, $800
Prescriptions, $400
New glasses, $2,000
Dental bills, $560
Braces, $5,000
Property taxes for their two cars of $800, which included $50 in decal fees
Real estate taxes of $4,500
Mortgage interest of $12,000
Gifts to charities, $1,000
GoFundMe contribution to local family in need, $100
Tax preparation fees for last year’s taxes, $400
Consider the most beneficial way for Judy and Walter to file their federal income tax return. Prepare a brief written summary that addresses the following:
Estimated taxable income for Judy and Walter (please show computations).
Summary of tax return, including any suggestions or tax planning considerations.
Explain how you determined the filing status, dependents, and use of standard/itemized deduction.
Note: The summary should be no more than 500 words and should be uploaded as a Word document with a cover page via the Blackboard assignment tab in Week 6.
The specific course learning outcomes associated with this assignment is:
Complete a tax analysis that is informed by tax law and strategies to determine the most beneficial way for a client/family to file their federal income tax return.
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the rubric located here.

source..
Content:


Tax Analysis
Your Name
Subject and Sectionprofessor’s Name
February 20, 2020
Taxable Income


Filing Type

Married (Jointly)

Number of Children

3

Number of Dependents

2



GROSS INCOME


Judy

$ 60,000.00

Walter

$ 100,000.00

1099-INT

$ 4,500.00

1099-DIV

$ 300.00

State Tax refund

$ 385.00

Total Gross Income

$ 165,185.00



DEDUCTIONS


Expenses


Doctor's Bills

$ 800.00

Prescriptions

$ 400.00

New glasses

$ 2,000.00

Dental bills

$ 560.00

Braces

$ 5,000.00

Subtotal

$ 8,760.00



Taxes

...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Experiential Learning Course Project. Accounting, Finance, SPSS
    Description: My first financial goal is to build my own human capital, which is actually an intangible quality not listed on a company’s balance sheet. This can also be regarded as the economic value of my skills, knowledge, and experience. ...
    5 pages/≈1375 words | APA | Accounting, Finance, SPSS | Other (Not Listed) |
  • Financial Analysis. Accounting, Finance, SPSS. Coca Cola
    Description: Coca Cola is the market leader in the non-alcoholic beverage industry in the world. The company was established in 1886 and has operations in more than 200 countries across the word. ...
    8 pages/≈2200 words | APA | Accounting, Finance, SPSS | Other (Not Listed) |
  • Amazon Analyst Report. Amazon’s Company Overview. Recent Developments
    Description: Amazon’s performance is high as compared to competitors like Microsoft and Alibaba Corporation. Recently, the company lost a $10 billion cloud computing contract. However, continuous increase in revenues from Amazon Web Services (AWS) helps the company is achievement of sustainable competitive advantage...
    3 pages/≈825 words | APA | Accounting, Finance, SPSS | Other (Not Listed) |
Need a Plagiarism Free Essay?
Submit your instructions!