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DanielleCPA
DanielleCPA, CPA
Category: Business and Finance Homework
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Experience:  CPA with Accounting degree and focus on Business
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TAX FORM/RETURN PREPARATION PROBLEMS I:7-63 Following is a

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TAX FORM/RETURN PREPARATION PROBLEMS
I:7-63 Following is a list of information for Peter and XXXXX XXXXX for the current tax year. Peter
and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at XXXXX Lakeville, MN 55022. Peter is a lawyer working for a Native American
law firm. Amy works part-time in a genetic research lab. The Jones’ Social Security numbers
and ages are as follows:
Peter XXX-XX-XXXX 32
Amy XXX-XX-XXXX 28
Aubrynne XXX-XX-XXXX 5
Bryson XXX-XX-XXXX 3
Caden XXX-XX-XXXX 1
Peter’s salary $70,000
Amy’s salary 32,000
Interest income on municipal bonds 2,400
Interest income on certificate of deposit (Universal Savings) 3,100
Dividends on GM stock 1,600
Eyeglasses and exam for Aubrynne $ 600
Orthodontic work for Bryson to correct a congenital defect 2,500
Medical insurance premiums 1,800
Withholding for state income taxes 7,200
Withholding for federal income taxes 16,000
State income taxes paid with last year’s tax return
(paid when the return was filed in the current year) 500
Property taxes on home 1,100
Property taxes on automobile 300
Interest on home 9,700
Interest on credit cards 200
Cash contribution to church 3,900
In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc.
stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of
the stock on the date of the contribution is $700. Peter and Amy had purchased the stock
on November 7, 2003 for $300.
Compute Peter and Amy’s income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary. I need this by Saturady 2/18/2012. Will pay bonus
Submitted: 2 years ago.
Category: Business and Finance Homework
Expert:  DanielleCPA replied 2 years ago.
For the current year, I'm assuming you mean 2011, since 2012 tax forms aren't out yet. Is that correct?
Customer: replied 2 years ago.

Yes, I do mean 2011.

 

Thanks Danielle.

Expert:  DanielleCPA replied 2 years ago.

You're welcome.

Expert:  DanielleCPA replied 2 years ago.

Here are links to the forms:

 

1040 - http://www.mediafire.com/?y9p80uox80fbnvr

Schedule A- http://www.mediafire.com/?oh9ik14295gmzp6

Schedule B- http://www.mediafire.com/?dwxwqj639aujtag

8283-http://www.mediafire.com/?ghv88nhn0bjbi7c

 

I also wanted to let you know of two assumptions I made here and can go back and change if necessary.

1) Dividends are not qualified dividends

2) To use the tax tables vs. percentage of method.

 

Please let me know if either of my above assumptions are incorrect and I will get it started for you.

Please let me know if you have any questions.

Customer: replied 2 years ago.
I do not have a mediafire account. Could you please send it to XXXXX@XXXXXX.XXX
Expert:  DanielleCPA replied 2 years ago.

I'm not allowed to email things, but you should be able to download without an account.

 

I can upload it to a site other than mediafire (box.com) if you aren't able to access it.

Expert:  DanielleCPA replied 2 years ago.

I see you viewed this. Were you able to access the files?

 

Like I said, I am willing to get you whatever you need, it just can't be via email. If you aren't able to download the files, I can tell you the line items or attach PDF images to this answer.

Customer: replied 2 years ago.

Hi,

 

Please attach PDF images to this answer.

Expert:  DanielleCPA replied 2 years ago.
I will attach the PDF Images this evening. They are saved on my home computer and I am at the office right now. Thanks.
Expert:  DanielleCPA replied 2 years ago.
DanielleCPA, CPA
Satisfied Customers: 727
Experience: CPA with Accounting degree and focus on Business
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