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I have few homework...

I have few homework assignments I need help with

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It is related to tax

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Submitted: 4 months ago.Category: Multiple Problems
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10/7/2017
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 4 months ago
Dr. Donna Kakonge
Dr. Donna Kakonge, Retired College Professor
Category: Multiple Problems
Satisfied Customers: 1,085
Experience: Owner at Donna Kay Kakonge, MA, ABD
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Dear Customer,

Thank you for coming to Just Answer. Would you like to work with me on this assignment?

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Customer reply replied 4 months ago
The first phase of the tax return problem is designed to introduce you to some of the tax forms and the supporting documentation (Forms W-2, 1099-INT, etc.) needed to com- plete a basic tax return. The first four chapters focus on the income aspects of individual taxation. Accordingly, this phase of the tax return focuses on the basic income concepts.
1. Bill’s W-2 is provided (Exhibit A-1). The 2016 W-2 includes his salary ($98,000), bonus ($61,000), and income from group-term life insurance coverage in excess of $50,000 ($132.48), and is reduced by his 7 percent contribution ($6,860) to USC’s qualified pension plan. The company matches Bill’s contribution to the plan.
2. The Schnappaufs receive two 1099-INTs for interest (Exhibits A-2 and A-3), two 1099-DIVs for dividends (Exhibits A-4 and A-5), and a combined interest and dividend statement (Exhibit A-6).
3. Joyceandherbrother,Bob,areco-ownersof,andactiveparticipantsin,afurniture- restoration business. Joyce owns 30 percent, and Bob owns 70 percent of the business. The business was formed as an S corporation in 2008. During 2016, the company pays $5,000 in dividends. The basis of Joyce’s stock is $33,000.4. The Schnappaufs receive a 2015 federal income tax refund of $987 on May 12, 2016. On May 15, 2016, they receive their income tax refund from the state of Rhode Island. In January 2017, the state mails the Schnappaufs a Form 1099-G (Exhibit A-7). Their total itemized deductions in 2015 were $20,161.
5. During 2016, Joyce is the lucky ninety-third caller to a local radio station and wins $300 in cash and a Tablet. Despite repeated calls to the radio station, she has not received a Form 1099—MISC. In announcing the prize, the radio station host said that the manufacturer’s suggested retail price for the Tablet is $720. How- ever, Joyce has a catalog from Supersonic Electronics that advertises the Tablet for $595.
6. The Schnappaufs receive a Form W-2G (Exhibit A-8) for their winnings at the Yardley Casino in Connecticut.
7. On June 26, 2016, Bill receives a check for $15,480 from the United Insurance Corporation. Though he was unaware of it, he was the designated beneficiary of an insurance policy on the life of his uncle. The policy had a maturity value of $15,100, and the letter from the company stated that his uncle had paid premiums on the policy of $3,620 (Exhibit A-9).
8. Joyce is active in the school PTO. During the year, she receives an award for out- standing service to the organization. She receives a plaque and two $125 gift cer- tificates that were donated to the PTO by local merchants.
9. To complete phase I, you will need Form 1040, Schedule B, and Schedule D.
INSTRUCTIONS: If you are using tax software to prepare the tax return or are not complet- ing phases II and III of the problem, ignore the instructions that follow. If you are pre- paring the return manually, you cannot complete some of the forms used in phase I until you receive additional information provided in phase II or phase III. Therefore, as a gen- eral rule, you should only post the information to the appropriate form and not compute totals for that form. The following specific instructions will assist you in preparing Part I of the return.
a. The only form that can be totaled is Schedule B. b. Only post the appropriate information to Schedule D. Do not total any columns.
More information is provided in phase III of the tax return problem. c. Do not calculate total income or adjusted gross income on page 1 of Form 1040. d. Post the appropriate information on page 2 of Form 1040, but do not total this
page, compute the federal tax liability, or determine the refund or balance due.
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 4 months ago

Dear Customer,

Does this assignment need to be done with tax forms?

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Customer reply replied 4 months ago
you will need Forms 1040 and Schedules B and E.
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 4 months ago

Dear Customer,

OK. When is your deadline in order to have this assignment completed?

Ask Your Own Multiple Problems Question
Customer reply replied 4 months ago
I need it by October 8, 2017 11am EST
Customer reply replied 4 months ago
I already got charged $51. Is this question worth $51?
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 4 months ago

Dear Customer,

It is worth an additional $200.00. If you cannot afford that, please do let me know and we can negotiate.

Ask Your Own Multiple Problems Question
Customer reply replied 4 months ago
I can definitely not afford that. I cannot pay more than what i was charged
Business Tutor: Dr. Donna Kakonge, Retired College Professor replied 4 months ago

Dear Customer,

OK. A misunderstanding. I will opt out again.

Thank you.

Ask Your Own Multiple Problems Question
Customer reply replied 4 months ago
Can we negotiate
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