auditing homework help

Boost your journey with 24/7 access to skilled experts, offering unmatched auditing homework help

Trusted by 1.1 M+ Happy Students

4.4Trust Pilot

4.4Edu Reviewer

5App Review

4.8Student

Place An Orderand save time

^*Get instant homework help from top tutors—just a WhatsApp message away. 24/7 support for all your academic needs!

Recently Asked auditing Questions

Expert help when you need it

Q1:Instructions: • Prepare the 2022 Individual Income Tax Return, including all schedules and additional forms, if any, using the IRS fillable forms listed below or manually written on the tax forms/schedules. Ignore the directions to use tax software noted in the file. However, students may use tax software if one is available. • Scan your completed tax return as a PDF file OR print it as a PDF if using tax software. No other file format is permitted. • Submit the tax return file here by clicking the submit button. You can upload individual forms or a zip file with all the tax forms and schedules. I do not accept tax returns via email. • You have unlimited submissions. However, only the last submission will be graded unless the student notifies me which upload to graded by the due date.See Answer
Q2:2. What are the factors that contribute to Productivity growth?See Answer
Q3:Analyze and explain the simple aggregate expenditure model? Write 3 paragraphs using the APA format. Do not forget to indicate at least 3 sources.See Answer
Q4:Working from the worksheet below for Mayforth Art Gallery: Journalize and post the 4 closing entries. Prepare the Post Closing Trial Balance. 1. 2.See Answer
Q5:Case 21-9-Toolkit Section IV Toolkit Section IV Exercise Handout Background You have just been assigned to the Big Box Retail Store (the "Company") audit engagement. Big Box Retail is a private company that owns and operates large retail stores across the United States and the territory of Puerto Rico. Jodi Smith, the engagement senior, has assigned you the task of scoping the Company's store locations to determine which will be selected for the physical inventory count observation. Performance Materiality has been calculated at $15 million. To assist you, she has provided you a Microsoft Excel file that contains the inventory detail which shows the inventory balances by retail location and brand, as well as some visualizations that she created to analyze the population. If you need help, ask your professor for additional assistance.See Answer
Q6:REQUIRED: Write an opinion letter to Ron Sneaky, Revenue Agent, presenting your opinion as to why Red is entitled to take the car racing expenses as a deduction. Ron Sneaky has served Red Neck (and his wife, because they file joint returns) with a final determination letter, denying all of the expenses related to Red's car racing activities for taxable years 2021 and 2022. Red's year 2023 tax return will probably be selected by the IRS for review after it is filed. Red's CPA has requested a hearing before an IRS Appeals Officer for resolution of this matter (1st step in determination as to who will prevail, the next step would be to file a petition in Tax Court). Your letter is your argument as to why Red should prevail and be allowed the deductions for his car racing activities. You want the Appeals Officer to rule in Red's favor. In addition, you need to write a letter to Red, to inform Red as to the proper tax treatment of the 2024 or 2025 purchase of the new engine and transmission. The addresses of the parties are as follows: Red Neck Ron Sneaky 761 Lucky Drive Internal Revenue Service Moscow, Idaho 83843 Audit Division - Unit 13 Boise, ID 83724 Tim Nervous, IRS Appeals Officer Internal Revenue Service Citizens Building, 82nd Floor Boise, Idaho 83724/n RESEARCH PAPER ACCOUNTING 483 - FUNDAMENTALS OF FEDERAL INCOME TAXATION 1st Research Paper Spring 2024 FACTS: Red Neck is the used car sales manager of Ernie's Car Sales, a local new and used car dealership in Moscow, Idaho. Red Neck's income is about $145,000 a year from his salary and bonus (his bonus is a percentage of the net income of the dealership). In addition to his income from Ernie's, Red also has income from rentals of about $35,000 a year. Red's wife, Holiday, is employed, earning about $85,000 a year. Several years ago, Red became interested in auto car racing. In 2018, Red purchased a used car, which he converted into a racing stock car. The cost of the car, and the modifications made to it, cost Red about $75,000, which is being depreciated over a five-year life (using I.R.C. § 168). Red incurred additional expenses for the purchase of small tools, racing supplies, travel costs, etc. In 2019, Red started entering the Spokane auto races (actually Stateline Speedway at Stateline, Idaho). Because his job at Ernie's required him to work at least one Saturday every month, Red was not able to enter all of the races held in Spokane, but did enter as many as possible. Spokane holds races every weekend from the first part of April through the end of September. Red had some success in winning races, but because of the limited number of races Red could enter and the limited purse, his gross income was only about $500 the first year, $825 the second year, and $1,200 the third year. This 5th year (2024) Red expects to earn about $3,500 (gross income) and has hopes of being able to make some profit within the next year or two. His expenses (not including depreciation) were the greatest the first year, being about $84,000. Since the first year, the expenses have gone down because the car has been kept in good repair and Red has received free parts and services from sponsors. His total out- of-pocket costs for this year (2024) are anticipated to be about $25,000. Red has obtained several sponsors, which provide him with free parts, tires, gasoline, oil, and services or provide him with discounts on these items. The value of these discounts, or free items, will be about $50,000 this (2024) year. One of his sponsors is Ernie's, which provides all parts at one-half dealer's cost. The value of these parts, are expected to be about $25,000 this year (2024), which are not included in the $50,000 from other sponsors. If Red could win a few more races, the sponsor benefits should substantially increase. Red has kept good records of all of his income and expenses, recording them in a small cash journal. Red uses a separate checking account for the racing activities. Red has not recorded in his books and records the items his sponsors provided, but he does have a record of them. Red became involved in auto racing because he enjoyed it and because he thought he could someday make some money at it. Also, Red feels that the car racing helps promote the RESEARCH PAPER Acct. 483 - Spring 2024 Page 1 of 5 sales of the car dealership. The dealership sponsors him and has its name on the car, as do other sponsors. Red has taken the losses generated so far on his personal income tax returns. As a result of these losses, Red's income tax returns for the years 2021 and 2022 are being examined (audited) by the IRS. The revenue agent, Ron Sneaky, has proposed tax adjustments increasing Red's gross income by the amount of the deductions Red incurred in his racing activities because Ron is taking the position that the car racing activity is not a business. In addition to Red's problem with the IRS, he will need to buy a new engine and transmission for the racecar in 2024 or 2025. The cost of the engine would be about $60,000 and the cost of the transmission would be about $18,000. Red would like to expense both the engine and the transmission in the year that the costs are incurred. REQUIRED: Write an opinion letter to Ron Sneaky, Revenue Agent, presenting your opinion as to why Red is entitled to take the car racing expenses as a deduction. Ron Sneaky has served Red Neck (and his wife, because they file joint returns) with a final determination letter, denying all of the expenses related to Red's car racing activities for taxable years 2021 and 2022. Red's year 2023 tax return will probably be selected by the IRS for review after it is filed. Red's CPA has requested a hearing before an IRS Appeals Officer for resolution of this matter (1st step in determination as to who will prevail, the next step would be to file a petition in Tax Court). Your letter is your argument as to why Red should prevail and be allowed the deductions for his car racing activities. You want the Appeals Officer to rule in Red's favor. In addition, you need to write a letter to Red, to inform Red as to the proper tax treatment of the 2024 or 2025 purchase of the new engine and transmission. The addresses of the parties are as follows: Red Neck Ron Sneaky 761 Lucky Drive Moscow, Idaho 83843 Internal Revenue Service Audit Division - Unit 13 Boise, ID 83724 Tim Nervous, IRS Appeals Officer Internal Revenue Service Citizens Building, 82nd Floor Boise, Idaho 83724 RESEARCH PAPER Acct. 483 - Spring 2024 Page 2 of 5 COMMENTS ON WRITING YOUR PAPER (not part of the office memo) 1. Your letter should follow a proper recognized and acceptable business-letter form. There are several acceptable business letter forms, any one of which you can use, but you must follow the requirements of the acceptable business letter form you choose. Such acceptable business letter forms should have been covered in your business writing class (Eng. 317 at the University of Idaho). Also, such business letter forms generally can be found in any good secretarial book. 2. The required letter is your opinion as to the proper treatment of a particular factual situation. The purpose of your opinion is very similar to the purpose of an opinion written by a judge in a court proceeding. Therefore, you can use court opinions as a guide in writing your paper in both style and content. The principal difference, of course, is that the form of your opinion is a business letter and the principal form that courts use is a report form. Your opinion letter is not an essay, nor is it merely a review of the court opinions you have read. It must be an argument you set forth, supported by primary authority, which leads to your conclusion. Do not tell me what you have read it is not useful to the reader. You are required to convince the reader of your letter, and me, to agree with your position, argument, and/or point-of view. 3. You will need to research the law, regulations, revenue rulings, cases, and other relevant materials to prepare your opinion letter. You should use only primary authority, which consists of the Internal Revenue Code, Treasury Regulations Revenue Rulings, other publications of Treasury (i.e., pronouncements of the national office of the Internal Revenue Service), and Court cases. Use the Richmond book (Federal Tax Research - Richmond) to guide you through the research tools (sources) available and the proper procedure to apply the law to your assigned problem. Do not rely on Google sources to give you the "answer." It will not work. In fact, on Google there probably are no “answers", only conclusions. Your paper should provide your opinion - not your answer. Your client is not interested in the statements provided by others, but only interested in your opinion and your reasons for arriving at your opinion. 4 Always think about to whom you are writing your letter. It may not be, and probably is not, the addressee of your letter. To whom, you are writing your opinion letter is very important. You should write your letter to the person or persons who will probably read your letter, as these are the persons you want to convince, which may not be the addressee of your letter. 5. Always consider who will read your opinion letter. It may, and in fact probably will be, a person who's time is very valuable. Many professionals today charge their time at $2,500 per hour or more. The reader may not be pleased to read a document which takes a lot of time to read. In fact, they just not read the document. Get to the point of your letter and do not use any word which is not absolute necessary. 6. Clients, employers, judges, and others are not interested in what action (decision) you are telling them to follow or take. These people view their function, duty, and role as being decision makers - not you. If you attempt to make a decision or direct the action they should make, you may find yourself without a client, your employment terminated, the judge upset with your actions, or others no longer willing engage with you. I doubt that, as a professional, these are results that you want. Conclusions are generally nothing more than a decision 7. You must support your argument with controlling and current law. If you 7se a court opinion as support for your argument, you must insure that the opinion used is still the current law. You should avoid using conclusions in your paper, as conclusions do not help a reader to understand how and why you arrived at your opinion. If the reader of your letter or report does not understand how and why you arrived at your opinion, it is unlikely that the reader will agree with you and/or follow your advice. It is also possible that the client may misinterpret your recommendation and take some action which is inappropriate resulting in dire consequences to you. Great care must be taken in writing your paper so that your purpose of writing the letter conveyed to the reader, who may not be the person you addressed your letter, report, or other document to. DO NOT JUST TELL ME WHAT YOU READ - it is of no value 8. It is the Court's reasoning that will support your argument and not the holding in the case. Therefore, you need to explain how the court's reasoning applies to your facts and your argument. The Court's opinion or determination may not be important or helpful to you, your client, or reader of the letter. Reading a court opinion and then telling the reader of your letter RESEARCH PAPER Acct. 483 - Spring 2024 Page 3 of 5 what you read is not helpful to the reader. You must first have expressed an argument, then use the court's argument to support your position (argument). 9. If you immediately start this research project, you should have sufficient time to properly complete the assignment. If you wait until the last week or two to begin the assignment, you will not have sufficient time to write an acceptable opinion letter. If your letter is deemed to be unacceptable, you will not receive a grade for this assignment and this assignment is required to receive a passing grade in the course. 10. The College has a former English professor, Dr. D'Wayne Hodgin, on staff to assist you in writing your letter. As soon as you have a draft of your paper, you should make an appointment with Dr. Hodgin's to review your paper with you. You must have your draft of the paper reviewed by Dr. Hodgin on or before February 12th. He will maintain a list of all student's papers reviewed, which will be provided to me for grading. Make use of Dr. Hodgin early and often. 11. I am also willing to review a draft of your letter. If you wait until the last couple of weeks, I may not have sufficient time to review your paper. If you want me to review your draft, it should be done as soon as possible after seeking Dr. Hodgin's assistance. You may make an appointment with me or take a chance with first-come-first reviewed. 12. The key to any good writing is to rewrite, rewrite, rewrite, rewrite, rewrite and then rewrite. Every time you rewrite, you should be making changes to your manner of presenting your argument, making better use of your authority, emphasizing the point you are making, etc. 13. Good guides to writing an opinion letter are Judges' Court opinions. After all, what is expected of you is the same as what the judges are doing in their opinions. The form and manner of presenting your argument is the same as that used by Judges. 14. All citations must follow The Bluebook, A Uniform System of Citation, published by the Harvard Law Review Association. This is the same citation form required by most Courts and the citation form used by judges in writing their opinions. 15. You must also follow all of the requirements and provisions of IRS Circular 230 (§§ 10.34 through 10.37) and Treas. Reg. § 1.6662-4(d). The Treasury regulations and IRS Circular 230 require that you use only primary authority to support your argument. Primary authority is set forth in each of the publications. Read these assigned documents. 16. Again, make sure that your opinion letter is in proper business letter form. Improper grammar, sentence and/or paragraph construction, improper use of a word or misspelling will most likely result in a non-acceptable paper. A non-acceptable paper is treated as if no paper has been submitted. 17. Your letter must be printed on 8-1/2" x 11" white paper with 1" margins on top, bottom, and both sides. You need to use an Arial or Times New Roman font with either an 11 or 12 point print. All papers must be single-sided and single spaced. The back of any page will not be read. 18 All papers must be submitted on, or before, the beginning of the class due date, as set forth hereinabove. The papers will be collected at the beginning of the class. Those papers not collected at the beginning of class will not be read nor graded. Do not send papers by email, or RESEARCH PAPER Acct. 483 - Spring 2024 Page 4 of 5 any other electronic means, as such papers will not be printed-out and will not be read. Do not submit your paper by any other methods or means without prior approval from me, which I may grant only for very exceptional reasons. You can always submit your paper before the due date. 19. Do not put your name on the final paper which you turn in to me. Instead, use the assigned number for identifying your paper. You can obtain an assigned number, which you will use to identify you on all papers and exams required in this course, from the Department of Accounting office on the first floor of ALB. Failure to follow this requirement will result in your paper not being read nor graded. If you wait until the last minute, the office may be closed and you will be unable to get a number. In such case your paper will not be accepted for grading. 20. Late papers will not be accepted nor graded. You do not have to wait until the due date to turn-in your final paper. 21. If you immediately start preparing and writing your paper, you should have time to complete the assignment and meet any, and all, due dates. There should not be any need for late papers. This assignment may take a substantial amount of time - perhaps as much as 30- 40 hours. If you start this assignment when it is provided to you this means that you will have 4 to 5 hours per week to complete the assignment. I will take the role of the partner who interviewed the client. FAILURE TO FOLLOW THESE INSTRUCTIONS WILL BE TAKEN INTO CONSIDERATION IN DETERMINING YOUR GRADE IN THIS COURSE. 22. 23. (NOTE: This assignment may take a substantial amount of time to do properly. If you wait a week or two for starting, you may not have sufficient time to submit an acceptable paper. START WORKING ON YOUR PAPER THIS WEEK.) RESEARCH PAPER Acct. 483 - Spring 2024 Page 5 of 5See Answer
Q7: 19:12 < Audit Report Template PHA5015.d... PHA5015 - Integrated Pharmacy Science & Practice Dissemination Audit Report Research SUB Numbentific Disser Faculty of Life Sciences Audit Report Proforma Delete all text in GREY before submission 5G 1. Introduction Provide details on the problem, the urgency and the relevant standards for this audit. 2. Method Describe how you will collect and analyse the data. 3. Results Provide appropriate analysed data in tables, graphs or other suitable format with some description of your results. 4. Discussion Compare your results with the quality standards. Explore potential explanations for your results. 5. Action plan and recommendations Provide a bullet point list of your recommendations that must be related to your data and interpretation. 6. References Provide at least TWO references to support your proposal. These must be provided in the BRADFORD HARVARD format Dashboard Calendar To-do Notifications Inbox This page contains the key information for the Audit Report, which is component 005 of the PHA5015 module and contributes 5% to your overall module mark. You must pass this assignment (at minimum 40%) in order to pass the module. You will need to to complete a 1000 word audit report, using pre-defined datasets. You will analyse and interpret the data, and determine an action plan of what the appropriate steps should be based on your findings. Your instructions are provided in the brief below, and will be supported with an introductory lecture. You will also be expected to attend a workshop (please see your timetables) which will give you practical support in analysing your data. 19:12 PHA5015 Audit Report 2023-4_ACYR Integrated Pharmacy Science and Practice ASSIGNMENT BRIEF: 5G You must prepare a 1000 word audit report using the template provided. This is an individual assignment. Your team will be given a dataset, and you can work together on the analysis of this dataset, but the assignment you submit must be your own individual work. It will be processed through a similarity checker (TurItIn). Background The national NHS England team have asked Integrated Care Systems (ICSs) to review their drug budget for the current financial year and your ICS has announced several projects in their "Quality, Innovation, Productivity and Prevention" (QIPP) programme for the current financial year. One of the priority areas identified by NHS England has been around management of reflux. Recent data has found that many patients are being co- prescribed Proton Pump Inhibitors (PPIs) in addition to alginate antacids (e.g. Gaviscon®) when there is no clinical need. Preliminary data would suggest that on average, practices within your ICS are within the highest quintile (top 20%) of practices in England for this Dashboard Calendar To-do Notifications Inbox 19:12 PHA5015 Audit Report 2023-4_ACYR Integrated Pharmacy Science and Practice practices within your ICS are within the highest quintile (top 20%) of practices in England for this practice which may be wasteful, or suggest that patients with reflux are inadequately managed. 5G Task 1: Analyse the data All practices within the local ICS have reported on patients who are prescribed PPI and/or alginate antacids within the last 12 months. You have been provided a data set for one of the practices. Complete the following audit activity in class, working with your team to process the data. We anticipate that you will work on this during the TBL workshop (on either 24th or 25th January, depending on your team). You can do the analysis any time, but we recommend making use of these sessions for the analysis as staff will be present to help with any issues. 1. Calculate the mean number of PPI issues in 12 months. 2. Calculate the mean number of alginate antacid issues in 12 months. 3. Determine the percentage of patients who order more than TWO alginate prescriptions in 12 months. Dashboard Calendar To-do Notifications Inbox 19:14 Introduction - set the scene; what are we looking at, why is this an issue worth carrying out an audit for? Q Methods - Imagine you were doing this audit completely yourself, not that we gave you the data. Set out what data was collected in order to carry out the audit, and how you analysed this (note this is not the results of your analysis, but the methods of how to do the analysis). 5G You should probably also set out here what the target is you are aiming for; if you remember we said in the introduction session that a key thing about audits is that you are assessing performance against a set standard, so what is the standard that you are aiming for? Note that we've not told you a set standard you are aiming for, we are looking for you to set a sensible standard. We've given you some clues in the questions we asked you to find answers to: Email . What is the MEAN number of PPI issues over 12 months? ✓ Reply 6 Calendar Feed 00 AppsSee Answer
Q8: Project 1 Tax Research Memo REQUIREMENT student must individually complete a tax research project memo. Students should choose one of the three topics below. The memo should be typed and, in the format, provided in the example memo. Students should use RIA Checkpoint. It will be graded on accurately and insightfully analyzing the given facts with proper tax law and citation, as well as presentation (clarity and conciseness of the writing). See the grading rubric below for additional details. Note that only primary sources should be cited. Primary sources include the Internal Revenue Code (IRC), Revenue Rulings, and court cases, but do not include anything from the IRS. Choose one of the three topics below: Topic 1 John and Marnie, a married couple who file jointly, sold 3 stocks from their portfolio this year and used the funds as a down payment for a new car. On April 20, 2019, they purchased 23 shares for $49 each. They also recently purchased 50 shares Moody's stock on July 18th of the current year, at $365.75 per share, and at the same time they also purchased 20 shares of Microsoft for $359.49 per share. They sold their stock on October 27th of the current year and got $301.97 per share for Moody's, $168.22 per share for Apple, and $329.81 per share for Microsoft. John and Marnie want to know how much they will report as a gain or loss and which amounts, if any, will be taxed at preferential rates. Topic 2 Helena and Raul Greene finalized the adoption of their child, Gwen, a US citizen, on March 23rd, 2023. They are wondering what changes this will have on their taxes for the year as well as any changes they might need to make going forward. For this topic, make sure to come up with three potential issues or questions that you look into. Topic 3 Charlotte has decided to take her side hustle of making and selling meme t-shirts and make it her full-time gig. She has dedicated a room in her house only for the purpose of making and storing her t-shirts. Currently her mortgage is $2700 per month, she also pays $150 for electricity and $80 for business speed internet monthly as well. Charlotte is wondering if she can deduct some of these house expenses since they are part of her business. She also wants to know what other expenses she may be able to deduct. Grading Rubric 1 Clearly and concisely identifies the relevant Identify Facts and facts and issues from the facts provided. Issues Demonstrates a thorough and creative Context, Purpose, understanding of context, purpose, and audience. and Audience Identify and Use Relevant Sources of Tax Law Analysis Exceeds Expectations Propose Reasoned Solution Summarize and Conclude Information Thoroughly identifies high-quality, credible, and relevant sources of tax law that apply to the facts provided and demonstrates a skillful and thorough use of the sources to enhance the communication. Sources are correctly cited. Correctly and concisely analyzes how the relevant sections of law apply to the facts provided. Thoroughly and accurately summarizes how the relevant laws apply to the facts provided and explains the outcome as it relates to the tax treatment. Message is skillfully delivered with a clear, concise and persuasive authority. Very professional and free of grammatical and Presentation typographical errors. Manner of A central message is summarized in a high quality conclusion that provides a recommendation. The message is clearly and concisely written, and provides a logical summary based on the laws, analysis, and proposed solution. Meets Expectations Identifies most of the relevant facts and issues from the facts provided. Demonstrates adequate consideration of context, purpose, and audience. Identifies relevant sources of tax law that apply to the facts provided and demonstrates a consistent use and understanding of the sources to support the communication. Sources are generally cited correctly. Adequately analyzes how the relevant sections of law apply to the facts provided. Adequately summarizes how the relevant laws apply to the facts provided and explains the outcome as it relates to the tax treatment. Message is delivered in a clear and concise manner. Demonstrates consistent use of professional communication conventions. Generally free of grammatical and typographical errors. A central message is summarized in a quality conclusion that provides a recommendation. The message is well written, and provides a logical summary based on the laws, analysis, and proposed solution. TOTAL SCORE 2 Does Not Meet Expectations Does not Clearly identify the relevant facts and issues from the facts provided. Does not demonstrate appropriate attention to context, purpose, or the intended audience. Does not identify relevant sources of tax law that apply to the facts provided and or appropriately or effectively use them to support the communication. Sources may not be cited correctly. Does not adequately analyze how the relevant sections of law apply to the facts provided. Does not adequately analyze how the relevant laws apply to the facts provided and explains the outcome as it relates to the tax treatment. Does not present the message in a clear or appropriate manner. May contain grammatical and typographical errors. Conclusion may not provide a central message is summarized in a quality conclusion that provides a recommendation. The message may not be clear or concise, and may not provide a logical summary based on the laws, analysis, and proposed solution.See Answer
Q9: Required information [The following information applies to the questions displayed below.] Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $674. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary Jessie's craft sales Interest from certificate of deposit Interest from Treasury bond funds Interest from municipal bond funds Expenditures: Federal income tax withheld from Joe's wages State income tax withheld from Joe's wages Social Security tax withheld from Joe's wages Real estate taxes on residence Automobile licenses (based on weight) State sales tax paid Home mortgage interest Interest on Masterdebt credit card Medical expenses (unreimbursed) Joe's employee expenses (unreimbursed) Cost of Jessie's craft supplies Postage for mailing crafts Travel and lodging for craft shows Self-employment tax on Jessie's craft income College tuition paid for Lizzie Interest on loans to pay Lizzie's tuition Lizzie's room and board at college Cash contributions to the Red Cross $ 146,100 18,600 1,850 756 960 a. Determine Joe and Jessie's AGI and taxable income for the year. Note: Round your intermediate calculations to the nearest whole dollar amount. Joe and Jessie's AGI Joe and Jessie's Taxable income $ 13,700 6,800 7,562 6,600 350 1,350 28,000 2,700 1,890 2,800 6,460 167 2,430 1,348 6,180 3,600 13,020 625 Required Information [The following information applies to the questions displayed below.] Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessle runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $674. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary Jessie's craft sales Interest from certificate of deposit Interest from Treasury bond funds Interest from municipal bond funds Expenditures: Federal income tax withheld from Joe's wages State income tax withheld from Joe's wages Social Security tax withheld from Joe's wages Real estate taxes on residence Automobile licenses (based on weight) State sales tax paid Home mortgage interest Interest on Masterdebt credit card Medical expenses (unreimbursed) Joe's employee expenses (unreimbursed) Cost of Jessie's craft supplies Postage for mailing crafts Travel and lodging for craft shows Self-employment tax on Jessie's craft income College tuition paid for Lizzie Interest on loans to pay Lizzie's tuition Lizzie's room and board at college Cash contributions to the Red Cross $ 146,100 18,600 1,850 756 960 $ 13,700 6,800 7,562 6,600 350 1,350 28,000 2,700 1,890 2,800 6,460 167 2,430 1,348 6,180 3,600 13,020 625 b. Complete page 1 of Form 1040 (through taxable income, line 15), Schedule 1, and Schedule A. (Round your Intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given Information or Problem Statement. Use 2023 tax rules regardless of year on form.) Joe and Jessie does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or Interests. 3 2 of 2 b. Complete page 1 of Form 1040 (through taxable income, line 15), Schedule 1, and Schedule A. (Round your Intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given Information or Problem Statement. Use 2023 tax rules regardless of year on form.) Joe and Jessle does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or Interests. Joe and Jessie's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Joe: 111-11-1111 Form 1040 for a Married filing jointly 1040 PG 1 Schedule 1 Form 1040 Page 1. Form 1040 Jessie: 222-22-2222 Filing Status Check only one box. Your first name and middle initial If joint return, spouse's first name and middle initial Department of the Treasury- Internal Revenue Service (99) U.S. Individual Income Tax Return Married filing jointly Single Married filing separately (MFS) Head of household (HOH) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent. ► Foreign country name Digital Assets Standard Deduction Schedule A Lizzie: 333-33-3333 Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. Someone can claim: 2022 Age/Blindness You: Last name Last name Foreign province/state/county OMB No. 1545-0074 You as a dependent Spouse itemizes on a separate return or you were a dual-status alien Were born before January 2, 1958 State At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Are blind Your spouse as a dependent Foreign postal code IRS Use Only-Do not write or staple in this space. Apt. no. Spouse: ZIP code Qualifying surviving spouse (QSS) Your social security number Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Yes Was born before January 2, 1958 Spouse No Is blind 3 Part 2 of 2 Required information Age/Blindness You: Dependents If more than four dependents. see instructions and check here Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. Attach Sch. B if required. Standard Deduction for- - Single or Married filing separately. $12.950 - Married filing jointly or Qualifying surviving spouse. $25,900 • Head of household, $19,400 • If you checked any box under Standard Deduction, see instructions. (see instructions): (1) First name Were born before January 2, 1958 Last name (2) Social security number 1 a Total amount from Form(s) W-2, box 1 (see instructions) b Household employee wages not reported on Form(s) W-2 c Tip income not reported on line 1a (see instructions) d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) e Taxable dependent care benefits from Form 2441, line 26 f Employer-provided adoption benefits from Form 8839, line 29 g Wages from Form 8919, line 6 h Other earned income (see instructions) i Nontaxable combat pay election (see instructions) z Add lines 1a through 1h 2a 3a Are blind 2a Tax-exempt interest 3a Qualified dividends 4a IRA distributions 5a Pensions and annuities 6a Social security benefits c If you elect to use the lump-sum election method, check here (see instructions) 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 8 Other income from Schedule 1, line 10 9 Add lines 12, 2b, 3b, 4b, 5b. 6b. 7, and 8. This is your total income 10 Adjustments to income from Schedule 1. line 26 11 Subtract line 10 from line 9. This is your adjusted gross income 4a 5a 6a Spouse: 12 Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction from Form 8995 or Form 8995-A 14 Add lines 12 and 13 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income 1040 PG 1 b Taxable interest b Ordinary dividends b Taxable amount b Taxable amount b Taxable amount (3) Relationship to you 11 Was born before January 2, 1958 A Schedule 1 > (4) Check the box if qualifies for (see instructions): Child tax credit 1a 1b 1c 1d 1e 1f 1g 1h 12 2b 3b 4b 5b 6b 7 8 9 10 11 12 13 14 Is blind 15 Credit for other dependents 0 0 0 Cat. No. 11320B Form 1040 (2022) For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. © 2023 McGraw-Hill Education. 0 0 3 Part 2 of 2 ! Full 104U IVI a Maneu minu IVIILIV Required information 1040 PG 1 Form 1040 Schedule A. SCHEDULE 1 (Form 1040) Part I 1 2a b 3 4 Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040, 1040-SR, or 1040-NR 5 6 7 8 a b с d e f 9 h i j k I m COPUL n Schedule 1 Р q Schedule A Additional Income and Adjustments to Income Attach to Form 1040, 1040-SR, or 1040-NR. ►Go to www.irs.gov/Form1040 for instructions and the latest information. Additional Income Taxable refunds, credits, or offsets of state and local income taxes Alimony received Date of original divorce or separation agreement (see instructions) ► Business income or (loss). Attach Schedule C Other gains or (losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other income: Net operating loss Gambling Cancellation of debt Foreign earned income exclusion from Form 2555 Income from Form 8853 Income from Form 8889 Alaska Permanent Fund dividends Jury duty pay Prizes and awards Activity not engaged in for profit income Stock options Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property Olympic and Paralympic medals and USOC prize money (see instructions) Section 951(a) inclusion (see instructions) Section 951A(a) inclusion (see instructions) Section 461(1) excess business loss adjustment Taxable distributions from an ABLE account (see instructions) Scholarship and fellowship grants not reported on Form W-2 8a 8b 8c 8d 8e 8f 8g 8h 8i 8j 8k 81 8m 8n 80 8p 8q 8r OMB No. 1545-0074 2022 Attachment Sequence No. 01 Your social security number 1 2a 3 4 5 6 7See Answer
Q10:/n Group Tax Return Project Week 9: Credits Connor and Jordan Billings are married taxpayers. Connor works part-time in retail and Jordan works part-time at an elementary school. Their details are shown below: Name Date of Birth SSN Connor R. Billings 06/01/1956 Jordan M. Billings 05/24/1964 123-45-6789 987-65-4321 Occupation Retail Sales Teacher's Aide The couple's W-2s include the following information: Taxpayer Wages Federal Withholdings State Withholdings Connor 23,100 2,100 1,050 Jordan 21,200 2,050 950 Connor retired last year and received social security benefits this year. His 1099-SA includes the following information: Taxpayer Connor Social Security Benefits Received 18,000 Connor and Jordan received 12 payments of $65500 this year from an annuity they purchased several years ago. Payments began when Connor turned 65. The annuity cost $200,000. When Connor dies, Jordan will receive the same monthly payment until Jordan's death. Use the simplified method to calculate taxability of the annuity payments received. Jordan enjoys buying lottery tickets this year. This year, Jordan spent about $50 total on scratch- off tickets but managed to win $12,000! Connor sold the following stock this year: Security ALBT BNR CXY Date Acquired 6/7/2006 1/4/2008 2/2/2023 Cost $22,000 Date Sold Proceeds 3/4/2023 $31,000 $2,000 3/4/2023 $250 $1,400 3/4/2023 $2,200 Connor and Jordan recently moved to a smaller home. They kept their previous residence as a rental property. The following expenses were incurred this year: Rents received Property Taxes Property Insurance Landscaping Maintenance Service Property Management Service Depreciation $18,000 4,300 1,200 600 1,200 3,500 Jordan is a limited partner in the Mt Hood Cascades Adventures partnership. Jordan's K-1 showed a $3,000 ordinary loss and $1,200 long-term capital loss. Connor and Jordan both contribute the maximum deductible amount allowed to their IRA accounts. Neither taxpayer is eligible for an employer-sponsored plan. The couple also contributes the maximum amount allowed to their Health Savings Account. Jordan spent $475 this year on supplies for the third-grade classroom to which she is assigned at work. Connor and Jordan's Form 1098 from their mortgage lender shows the following information: Mortgage Interest Paid Property Taxes Paid $12,000 $5,200 In addition, Connor and Jordan paid the following medical expenses during the year: Physician Office Visits Dental Office Visits Hospitalization Hearing Aids Glasses Dentures Prescriptions Medicare Premiums Paid $600 $400 $2,500 $1,200 $840 $2,000 $6,200 $2,100 They used their Health Savings Account to pay for $4,200 of these expenses, but the rest were unreimbursed. Connor and Jordan also made the following charitable contributions during the year: Cash donation to United Way $1,200 Cash donation to Jordan's school fundraiser Cash donation to Humane Society $500 $600 Old car to Humane Society FMV $2,200 Miscellaneous Household Items to Goodwill $600 (estimated thrift value; Connor has a list) Jordan's grandson, Carter, began living with the couple in April 2023. They provide all of his support. Carter's birthday is 3/14/2015. His social security number is 111-22-3333. The couple replaced all of the windows in their new home this year. They qualify as energy efficient improvements. The windows cost $8,500. They also purchased a new 2023 Chrysler Pacifica Hybrid for $48,500. Complete the Form 1040 worksheet in Google Sheets for Connor and Jordan. Do not use tax software. Submit the Google Sheets file to Canvas with your group number at the end of the file name. Only one member of your group is required to submit the document because it is set up as a group assignment.See Answer
Q11:a-1. Determine Reba's federal income taxes due or taxes payable for the current year. Tax Rate Schedule. Note: Do not round Intermediate values. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Gross Income: Salary Alimony received Description Rental receipts Disability insurance payments Interest income from corporate bonds Interest income from municipal bonds (1) Gross income Deductions for AGI: Expenses for rental property (2) Total for AGI deductions (3) AGI From AGI deductions: Medical expenses State income taxes Charitable contributions (4) Total itemized deductions (5) Standard deduction (7) Taxable income (8) Tax on taxable income (9) Credits (10) Tax prepayments Amount/nRequired Information [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salary of $37,560 in 2023. She is 45 years old and receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $52,200 of rental payments from tenants, and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia In January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,230 to move their personal belongings, and she and Heather spent two days driving the 1,580 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full time in January and throughout the rest of the year at a nearby university. She was awarded a $3,330 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough Items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might quality if she was able to itemize. Reba paid $6,460 in state income taxes and $13,960 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather: Insurance premiums Medical care expenses Prescription medicine Nonprescription medicine $ 8,870 $1,100 $ 460 $ 100 New contact lenses for Heather $ 200 Shortly after the move, Reba got distracted while driving and ran into a street sign. The accident caused $1,010 in damage to the car and gave her whiplash. Because the repairs were less than her Insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability Insurance. Her employer, the Central Georgia School District, paid 60 percent of the premiums on the policy as a nontaxable fringe benefit, and Reba paid the remaining 40 percent portion. A few years ago, Reba acquired several Investments with her portion of the divorce settlement. This year she reported the following income from her Investments: $1,200 of Interest income from corporate bonds and $1,720 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $13,380, but she did not sell any of her stocks. Heather reported $6,400 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $11,160 of federal income taxes withheld by her employer. Heather made $1,110 of estimated tax payments during the year. Reba did not make any estimated payments.See Answer
Q12: Math Graded Assignment |Unit Project| Pay and Taxes Graded Assignment Unit Project: Pay and Taxes Review the requirements for completing the Graded Assignment. Goals Different jobs pay different amounts, but all employees have one thing in common. They pay taxes. During this unit, you will explore pay amounts and federal income tax. First you'll find the mean pay rate for a job you're interested in. Then you'll use that figure to complete a pay stub, a W-2, and a 1040. Finally, you'll compare differences in employment levels and pay rates for your chosen job throughout the United States. Schedule of Completion Suggested Time to Complete and What to Turn In Project Research: 1 day. No submittals. Project Writing: 3 days. Submit Lesson Checkpoint: Paycheck Deductions. Project Reflection: 1 day. Submit your completed project to your teacher. Project Instructions Before beginning, review the sample presentation and the sample 1040 so that you understand what you'll be creating. Project Files You will use the following documents and tools for this project: • Project Overview: PRM_B_02_project_overview.doc • Project Template: PRM_B_02_project_template.ppt • Sample 1040: PRM_B_02_sample_1040.xlsx Spreadsheet Template: PRM_B_02_spreadsheet_template.xls • Sample Presentation: PRM_B_02_sample_presentation.ppt • Template Download the project template and rename the file as JobPresentation_YourName. This file will become your presentation. Download the spreadsheet template and rename the file as 1040Spreadsheet_YourName. You will use this file to help you create your presentation. You will also submit it along with your presentation. Project Research 1. Go to the website for the U.S. Bureau of Labor Statistics: www.bls.gov. Under the Subject Areas tab, look under Pay & Benefits, and choose Wages by Area & Occupation. Then select the link for the National Wage Data for over 800 occupations. 2. You will first see a list of major occupational groups. Below this list is the full table of jobs. From this list, select a job that you are interested in. Do not pick the occupation used in the project sample. Notice that you can select a link from the major occupational group's list to automatically move to a certain part of the table. © 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 1 of 4 Math Graded Assignment | Unit Project| Pay and Taxes (a) In the list, you will see rows for general categories, such as Secretaries and Administrative Assistants. These categories do not have active links (not underlined). They are followed by detailed occupations under that category, such as Legal Secretaries and Medical Secretaries. These have active links (underlined). Choose a more detailed (underlined) occupation. Tip: If you cannot find a particular occupation you are looking for, try different wording. For example, look for musician instead of rock star. (b) Select the link for your chosen occupation. You will see a brief description of the job followed by mean wages. 3. Open your presentation. On slide 1, type your name. On slide 2, record the occupation title, occupation code (shown in the form xx-xxxx), mean hourly wage, and annual mean wage of your chosen career. If one of these amounts is missing, calculate it. Assume working 40 h/week for 52 weeks. Then summarize the duties of an employee with this job. Do not copy the description from the website word for word. Project Writing 1. Complete Lesson Checkpoint: Paycheck Deductions, an online, ungraded assessment. You'll practice calculating Social Security and Medicare taxes—a skill essential to completing your project. Reach out to your teacher with any questions you have after taking this assessment. 2. Open your presentation. On slide 3, complete the pay stub. (a) Choose a pay period. Choose weekly, biweekly, semimonthly, or monthly. Then choose if the job is paid by hourly wages or by a given salary. Complete the first sentence on the slide. (b) Use the mean wages on slide 1 to calculate the gross pay for your chosen pay period. On the slide, briefly show or explain how you determined this amount. For example, multiply the hourly wage by 40, or divide the annual wage by the appropriate number of pay periods. (Note: Assume 40 hours if working an hourly wage.) Fill in the gross pay amount on the pay stub under Gross Pay. (c) Use the gross pay amounts and the table below to determine the amount of federal income tax withheld. (Note: This table estimates a typical withholding amount for a single employee with no dependents. Actual federal withholding amounts in the real world will differ.) Annual Gross Income Over $10,000 and up to $20,000 Over $20,000 and up to $40,000 Federal Income Tax Withheld 6% of gross pay 10% of gross pay Over $40,000 and up to $60,000 12% of gross pay Over $60,000 and up to $80,000 16% of gross pay Over $80,000 and up to $100,000 18% of gross pay Over $100,000 and up to $120,000 Over $120,000 and up to $140,000 20% of gross pay 21% of gross pay Over $140,000 and up to $160,000 22% of gross pay Over $160,000 and up to $200,000 23% of gross pay Over $200,000 25% of gross pay Fill in the amount withheld for federal tax on the pay stub next to Federal Tax. (d) Use the gross pay amount to calculate the Social Security and Medicare taxes. Fill in these amounts on the pay stub. © 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 2 of 4 Math Graded Assignment | Unit Project| Pay and Taxes (e) Use the gross pay amount to determine the state tax. Some states have no income tax. The tax rates for states that do have an income tax vary. For this project, assume a 3% state income tax. (f) Find the total of the taxes. Fill in the total tax amount on the pay stub under Tax Deductions. (g) Use the list below to choose voluntary deductions. (Note: This table gives sample amounts only. Actual deductions in the real world will differ.) Choose at least two of these deductions. Retirement: Calculate 5% of gross pay. • • • • Health Insurance: Use an annual deduction of $1650 to calculate the deduction for the pay period. Life Insurance: Use an annual deduction of $400 to calculate the deduction for the pay period. Disability Insurance: Use an annual deduction of $150 to calculate the deduction for the pay period. Fill in the calculated amounts on the pay stub. Fill in $0 for deductions not chosen. (h) Find the total of the voluntary deductions. Fill in the total amount of voluntary deductions on the pay stub under Voluntary Deductions. (i) Determine the net pay by subtracting the tax deductions and the voluntary deductions from the gross pay. Fill in the net pay on the pay stub under Net Pay. 3. Open your presentation. On slide 4, complete the W-2. (a) Box 1: Enter the annual mean wage by multiplying the gross pay on your pay stub by the appropriate number of pay periods. (b) Box 2: Enter the total amount of federal income tax withheld for a full year by multiplying the amount of federal tax withheld on your pay stub by the appropriate number of pay periods. (c) Box 3: Social Security taxes are taken only up to a certain amount of pay, and this amount changes every year. For the purpose of this project, use $120,000 as the limit. • If the amount in Box 1 is less than or equal to $120,000, then enter the amount in Box 1 into Box 3. • If the amount in Box 1 is greater than $120,000, then enter $120,000 into Box 3. (d) Box 4: Enter the total amount of Social Security tax withheld, which is 6.2% of the amount in Box 3. (e) Box 5: Enter the annual mean wage, from slide 1. (Notes: Unlike Social Security, there is no limit on how much Medicare tax is taken out. Also, in the real world, this amount can be larger than the amount in Box 1 if your employer contributed money to your retirement plan.) (f) Box 6: Enter the total amount of Medicare tax withheld, which is 1.45% of the amount in Box 5. (g) Box 13: If you chose retirement as a voluntary deduction on your pay stub, then type an X in the appropriate spot. (h) Box 16: Enter the amount in Box 1. (i) Box 17: We are assuming a 3% state income tax, so enter 3% of the amount in Box 16 into Box 17. Note: For the purpose of this project, ignore the shaded boxes. In the real world, you may see some of these boxes filled in. 4. Open your 1040 spreadsheet, which you saved with your name. In the 1040 tab, part of a blank 1040 is shown on the left. Instructions for filling out the 1040 are shown on the right. Follow all those instructions, in order. Tax Tables and Tax Formulas are given in the other two tabs of the spreadsheet. Round all values to the nearest whole dollar. You do not need to show dollar signs on this form. Save your work when you are finished. You will submit this document along with your presentation. © 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 3 of 4 Math Graded Assignment | Unit Project| Pay and Taxes 5. Open your presentation. On slide 5, type in the following information from your 1040, and then write the final statement about whether an employee with this 1040 would receive a refund or owe money, and give the amount that the person would receive or pay. • Total income (from Line 22) Adjusted gross income (from Line 37) Taxable income (from Line 43) • • • Tax (from Line 44) • Total payments (from Line 72) The amount overpaid (from Line 73) or underpaid (from Line 76) Project Reflection 1. Go back to the website for the U.S. Bureau of Labor Statistics and select the link for the occupation you chose. Scrolling down, you will find maps and tables with employment levels and mean pay rates for states and localities. Look through this information. • Each map has a key that shows what the different colors on that map represent. • The location quotient indicates the job concentration within a given area. The greater the location quotient, the greater the concentration of jobs in that area. 2. Open your presentation. On slide 6, write a discussion that addresses each of the following for your chosen job: • Which areas of the United States have the highest levels of employment? Which areas have the lowest levels of employment? Why do you think this might be? • Which areas of the United States have the greatest mean pay? Which areas have least mean pay? Do you find any of this surprising? Why or why not? • Use your research to answer: If someone who wanted this job could move anywhere in the United States, where would you suggest the person move to and why? Submission Confirm that your project contains all your work: General job information • • A completed pay stub • A completed W-2 ● A completed 1040 • Your reflection on regional differences Submit your project (both your presentation and your 1040) to your teacher. © 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 4 of 4See Answer
Q13:/n SCHEDULE 2 (Form 1040) Department of the Treasury Internal Revenue Service Additional Taxes Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Part I Tax OMB No. 1545-0074 2022 Attachment Sequence No. 02 Your social security number 1 Alternative minimum tax. Attach Form 6251 2 Excess advance premium tax credit repayment. Attach Form 8962 3 Add lines 1 and 2. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 17 Part II Other Taxes 4 Self-employment tax. Attach Schedule SE . 5 Social security and Medicare tax on unreported tip income. Attach Form 4137 5 6 Uncollected social security and Medicare tax on wages. Attach Form 8919 6 7 Total additional social security and Medicare tax. Add lines 5 and 6 1 2 3 7 8 Additional tax on IRAs or other tax-favored accounts. Attach Form 5329 if required. If not required, check here 8 9 Household employment taxes. Attach Schedule H 9 11 10 Repayment of first-time homebuyer credit. Attach Form 5405 if required. Additional Medicare Tax. Attach Form 8959 10 11 12 Net investment income tax. Attach Form 8960 12 2 13 Uncollected social security and Medicare or RRTA tax on tips or group-term life insurance from Form W-2, box 12 13 14 Interest on tax due on installment income from the sale of certain residential lots and timeshares. . 14 15 Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000 . . 15 16 Recapture of low-income housing credit. Attach Form 8611. 16 (continued on page 2) For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71478U Schedule 2 (Form 1040) 2022 Schedule 2 (Form 1040) 2022 Part II Other Taxes (continued) Page 2 17 Other additional taxes: a Recapture of other credits. List type, form number, and amount: 17a b Recapture of federal mortgage subsidy, if you sold your home see instructions c Additional tax on HSA distributions. Attach Form 8889. d Additional tax on an HSA because you didn't remain an eligible individual. Attach Form 8889 e Additional tax on Archer MSA distributions. Attach Form 8853. f Additional tax on Medicare Advantage MSA distributions. Attach Form 8853 17b 17c 17d 17e 17f g Recapture of a charitable contribution deduction related to a fractional interest in tangible personal property h Income you received from a nonqualified deferred compensation plan that fails to meet the requirements of section 409A 17g 17h i Compensation you received from a nonqualified deferred compensation plan described in section 457A 17i j Section 72(m)(5) excess benefits tax 17j k Golden parachute payments 17k ■ Tax on accumulation distribution of trusts 171 m Excise tax on insider stock compensation from an expatriated corporation 17m In Look-back interest under section 167(g) or 460(b) from Form 8697 or 8866 17n o Tax on non-effectively connected income for any part of the year you were a nonresident alien from Form 1040-NR. 170 p Any interest from Form 8621, line 16f, relating to distributions from, and dispositions of, stock of a section 1291 fund . . . 17p q Any interest from Form 8621, line 24 17q z Any other taxes. List type and amount: 18 Total additional taxes. Add lines 17a through 17z 19 Reserved for future use 17z 18 19 20 Section 965 net tax liability installment from Form 965-A 20 21 Add lines 4, 7 through 16, and 18. These are your total other taxes. Enter here and on Form 1040 or 1040-SR, line 23, or Form 1040-NR, line 23b. 21 Schedule 2 (Form 1040) 2022/n SCHEDULE 1 (Form 1040) Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received b Date of original divorce or separation agreement (see instructions): Business income or (loss). Attach Schedule C 3 4 Other gains or (losses). Attach Form 4797 6 7 Unemployment compensation . 8 Other income: OMB No. 1545-0074 2022 Attachment Sequence No. 01 Your social security number Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F. a Net operating loss 1 2a 34567 8a b Gambling 8b c Cancellation of debt 8c d Foreign earned income exclusion from Form 2555 8d e Income from Form 8853 8e f Income from Form 8889 8f g Alaska Permanent Fund dividends 8g h Jury duty pay 8h ¡ Prizes and awards 8i j Activity not engaged in for profit income 8j k Stock options . 8k | Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property 81 Im Olympic and Paralympic medals and USOC prize money (see instructions) 8m In Section 951(a) inclusion (see instructions) 8n • Section 951A(a) inclusion (see instructions) 80 p Section 461(l) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) 8p 8q r Scholarship and fellowship grants not reported on Form W-2 8r s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d 8s t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan 8t u Wages earned while incarcerated 8u z Other income. List type and amount: 8z 9 Total other income. Add lines 8a through 8z 10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 10 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040) 2022 Schedule 1 (Form 1040) 2022 Page 2 Part II Adjustments to Income 11 Educator expenses 11 12 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 13 Health savings account deduction. Attach Form 8889 13 14 Moving expenses for members of the Armed Forces. Attach Form 3903 14 15 Deductible part of self-employment tax. Attach Schedule SE 15 16 17 Self-employed SEP, SIMPLE, and qualified plans . Self-employed health insurance deduction 18 Penalty on early withdrawal of savings 19a Alimony paid 20 21 2222 b Recipient's SSN c Date of original divorce or separation agreement (see instructions): IRA deduction . Student loan interest deduction Reserved for future use 23 Archer MSA deduction 24 Other adjustments: 16 17 18 19a 21 2222 23 a Jury duty pay (see instructions) 24a b Deductible expenses related to income reported on line 81 from the rental of personal property engaged in for profit 24b c Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m. 24c d Reforestation amortization and expenses. 24d e Repayment of supplemental unemployment benefits under the Trade Act of 1974. . 24e f Contributions to section 501(c)(18)(D) pension plans 24f g Contributions by certain chaplains to section 403(b) plans 24g h Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions) . 24h i Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that helped the IRS detect tax law violations 24i j Housing deduction from Form 2555 24j k Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) . . 24k z Other adjustments. List type and amount: 24z 25 25 Total other adjustments. Add lines 24a through 24z 25 26 Add lines 11 through 23 and 25. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 10, or Form 1040-NR, line 10a 26 Schedule 1 (Form 1040) 2022/n $1040 Filing Status Check only one box. Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return Single Married filing jointly 2022 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Married filing separately (MFS) Head of household (HOH) Qualifying surviving spouse (QSS) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent: Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Home address (number and street). If you have a P.O. box, see instructions. Apt. no. City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/state/county Foreign postal code your tax or refund. You Spouse Digital Assets Standard Deduction Age/Blindness You: At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Someone can claim: You as a dependent Your spouse as a dependent Spouse itemizes on a separate return or you were a dual-status alien Yes No Were born before January 2, 1958 Are blind Spouse: Dependents (see instructions): (2) Social security number (1) First name Last name to you Was born before January 2, 1958 Is blind (3) Relationship (4) Check the box if qualifies for (see instructions): Child tax credit Credit for other dependents If more than four dependents, see instructions and check here Income 1a Total amount from Form(s) W-2, box 1 (see instructions) 1a b Attach Form(s) с Tip income not reported on line 1a (see instructions) W-2 here. Also attach Forms d W-2G and e 1099-R if tax f was withheld. Household employee wages not reported on Form(s) W-2. Medicaid waiver payments not reported on Form(s) W-2 (see instructions) Taxable dependent care benefits from Form 2441, line 26 Employer-provided adoption benefits from Form 8839, line 29 1b 1c 1d 1e 1f If you did not g Wages from Form 8919, line 6 1g get a Form h Other earned income (see instructions) 1h W-2, see ¡ Nontaxable combat pay election (see instructions) 1i instructions. Z Add lines 1a through 1h 1z Attach Sch. B 2a Tax-exempt interest if required. За Qualified dividends 4a IRA distributions Standard 5a Pensions and annuities Deduction for- 6a Social security benefits 2a За 4a 5a 6a b Taxable interest 2b b Ordinary dividends 3b b Taxable amount. 4b b Taxable amount. 5b b Taxable amount. 6b • Single or Married filing C separately, 7 $12,950 If you elect to use the lump-sum election method, check here (see instructions) Capital gain or (loss). Attach Schedule D if required. If not required, check here ☐ ☐ · • Married filing 8 Other income from Schedule 1, line 10 jointly or Qualifying 9 surviving spouse, 10 $25,900 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income from Schedule 1, line 26 780 • Head of household, $19,400 11 Subtract line 10 from line 9. This is your adjusted gross income 12 • If you checked 13 any box under Standard 14 Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction from Form 8995 or Form 8995-A Add lines 12 and 13 Deduction, 15 see instructions. Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 9 10 11 12 13 14 15 Cat. No. 11320B Form 1040 (2022) Form 1040 (2022) Page 2 Tax and 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 16 Credits 17 Amount from Schedule 2, line 3 18 Add lines 16 and 17 . 19 20 Child tax credit or credit for other dependents from Schedule 8812 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter -0- 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23. This is your total tax 17 18 19 20 21 22 23 24 67 Payments 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b с Other forms (see instructions) 25c d Add lines 25a through 25c 25d 26 2022 estimated tax payments and amount applied from 2021 return 26 If you have a qualifying child, 27 Earned income credit (EIC). 27 attach Sch. EIC. 28 Additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Reserved for future use. 30 31 Amount from Schedule 3, line 15 31 32 33 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits Add lines 25d, 26, and 32. These are your total payments 32 33 Refund 34 35a If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 34 35a Direct deposit? b Routing number c Type: ☐ Checking Savings See instructions. d Account number 36 Amount of line 34 you want applied to your 2023 estimated tax. 36 Amount 37 Subtract line 33 from line 24. This is the amount you owe. You Owe 38 For details on how to pay, go to www.irs.gov/Payments or see instructions Estimated tax penalty (see instructions) 37 38 Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Designee's name Phone no. Yes. Complete below. Personal identification number (PIN) No Sign Here Joint return? See instructions. Keep a copy for your records. Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent you an Identity Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Your occupation Phone no. Preparer's name Email address Preparer's signature Paid Preparer Use Only Firm's name Firm's address Go to www.irs.gov/Form 1040 for instructions and the latest information. Date PTIN Check if: Self-employed Phone no. Firm's EIN Form 1040 (2022)See Answer
Q14:/n $1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return 2023 OMB No. 1545-0074 For the year Jan. 1-Dec. 31, 2023, or other tax year beginning Your first name and middle initial , 2023, ending , 20 Last name If joint return, spouse's first name and middle initial Last name Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. Foreign country name Filing Status Check only one box. IRS Use Only-Do not write or staple in this space. See separate instructions. Your social security number Apt. no. State ZIP code Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign postal code your tax or refund. ☐ You Spouse Foreign province/state/county Head of household (HOH) Qualifying surviving spouse (QSS) Single Married filing jointly (even if only one had income) Married filing separately (MFS) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent: Digital Assets Standard Deduction Age/Blindness You: At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Someone can claim: You as a dependent ☐ Your spouse as a dependent Yes No Spouse itemizes on a separate return or you were a dual-status alien Were born before January 2, 1959 Are blind Spouse: Dependents (see instructions): (1) First name Last name (2) Social security number Was born before January 2, 1959 (3) Relationship to you Is blind (4) Check the box if qualifies for (see instructions): Child tax credit Credit for other dependents If more than four dependents, see instructions and check here Income 1a Total amount from Form(s) W-2, box 1 (see instructions) b Attach Form(s) W-2 here. Also с attach Forms d W-2G and e 1099-R if tax was withheld. f Household employee wages not reported on Form(s) W-2. Tip income not reported on line 1a (see instructions) Medicaid waiver payments not reported on Form(s) W-2 (see instructions) Taxable dependent care benefits from Form 2441, line 26 Employer-provided adoption benefits from Form 8839, line 29 If you did not g Wages from Form 8919, line 6. get a Form h Other earned income (see instructions) W-2, see instructions. Nontaxable combat pay election (see instructions) z Add lines 1a through 1h Attach Sch. B 2a Tax-exempt interest if required. 3a Qualified dividends 4a IRA distributions Standard 5a Pensions and annuities Deduction for- Single or 6a Social security benefits 2a За 4a 5a 6a b Taxable interest b Ordinary dividends b Taxable amount. b Taxable amount. b Taxable amount. 1a 1b 1c 1d 1e 1f 1g 1h 1i 1z 2b 3b 4b 5b 6b Married filing с separately, $13,850 7 • Married filing jointly or 8 If you elect to use the lump-sum election method, check here (see instructions) Capital gain or (loss). Attach Schedule D if required. If not required, check here Additional income from Schedule 1, line 10. ☐ · 7 8 Qualifying 9 surviving spouse, $27,700 10 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income from Schedule 1, line 26 9 10 Head of household, 11 Subtract line 10 from line 9. This is your adjusted gross income 11 $20,800 12 Standard deduction or itemized deductions (from Schedule A) 12 • If you checked any box under 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 Standard Deduction, 14 Add lines 12 and 13 14 see instructions. 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2023) Form 1040 (2023) Page 2 Tax and 16 Credits 17 Tax (see instructions). Check if any from Form(s): 1 8814 2 Amount from Schedule 2, line 3 4972 3 16 18 Add lines 16 and 17 . 19 Child tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter -0- 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23. This is your total tax 17 18 19 20 21 22 23 24 67 Payments 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b с Other forms (see instructions) 25c d Add lines 25a through 25c 26 If you have a 2023 estimated tax payments and amount applied from 2022 return 25d 26 qualifying child, 27 Earned income credit (EIC). 27 attach Sch. EIC. 28 Additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Reserved for future use. 30 31 Amount from Schedule 3, line 15 31 32 33 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits Add lines 25d, 26, and 32. These are your total payments 32 33 Refund 34 35a If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 34 35a Direct deposit? b Routing number c Type: ☐ Checking Savings See instructions. d Account number 36 Amount of line 34 you want applied to your 2024 estimated tax. 36 Amount 37 You Owe 38 Subtract line 33 from line 24. This is the amount you owe. For details on how to pay, go to www.irs.gov/Payments or see instructions Estimated tax penalty (see instructions) 37 38 Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Designee's name Phone no. Yes. Complete below. Personal identification number (PIN) No Sign Here Joint return? See instructions. Keep a copy for your records. Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent you an Identity Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Phone no. Preparer's name Email address Preparer's signature Paid Preparer Use Only Firm's name Firm's address Go to www.irs.gov/Form 1040 for instructions and the latest information. Date PTIN Check if: Self-employed Phone no. Firm's EIN Form 1040 (2023)See Answer
Q15:11.4= mean of ppis 7.95 mean of alginate 73.33%= percentage with more than 2 alginate prescriptions/n 19:12 Il 5G Audit Report Template PHA5015.d... PHA5015 - Integrated Pharmacy Science & Practice Research & Scientific Dissemination UB Number: Audit Report Faculty of Life Sciences Audit Report Proforma Delete all text in GREY before submission 1. Introduction Provide details on the problem, the urgency and the relevant standards for this audit. 2. Method Describe how you will collect and analyse the data. 3. Results Provide appropriate analysed data in tables, graphs or other suitable format with some description of your results. 4. Discussion Compare your results with the quality standards. Explore potential explanations for your results. 5. Action plan and recommendations Provide a bullet point list of your recommendations that must be related to your data and interpretation. 6. References Provide at least TWO references to support your proposal. These must be provided in the BRADFORD HARVARD format Dashboard Calendar To-do Notifications Inbox This page contains the key information for the Audit Report, which is component 005 of the PHA5015 module and contributes 5% to your overall module mark. You must pass this assignment (at minimum 40%) in order to pass the module. You will need to to complete a 1000 word audit report, using pre-defined datasets. You will analyse and interpret the data, and determine an action plan of what the appropriate steps should be based on your findings. Your instructions are provided in the brief below, and will be supported with an introductory lecture. You will also be expected to attend a workshop (please see your timetables) which will give you practical support in analysing your data. 19:12 I5G PHA5015 Audit Report 2023-4_ACYR Integrated Pharmacy Science and Practice ASSIGNMENT BRIEF: You must prepare a 1000 word audit report using the template provided. This is an individual assignment. Your team will be given a dataset, and you can work together on the analysis of this dataset, but the assignment you submit must be your own individual work. It will be processed through a similarity checker (Turltin). Background The national NHS England team have asked Integrated Care Systems (ICSs) to review their drug budget for the current financial year and your ICS has announced several projects in their "Quality, Innovation, Productivity and Prevention" (QIPP) programme for the current financial year. One of the priority areas identified by NHS England has been around management of reflux. Recent data has found that many patients are being co- prescribed Proton Pump Inhibitors (PPIs) in addition to alginate antacids (e.g. GavisconⓇ) when there is no clinical need. Preliminary data would suggest that on average, practices within your ICS are within the highest quintile (top 20%) of practices in England for this Dashboard Calendar To-do Notifications Inbox 19:12 I5G PHA5015 Audit Report 2023-4_ACYR Integrated Pharmacy Science and Practice practices within your ICS are within the highest quintile (top 20%) of practices in England for this practice which may be wasteful, or suggest that patients with reflux are inadequately managed. Task 1: Analyse the data All practices within the local ICS have reported on patients who are prescribed PPI and/or alginate antacids within the last 12 months. You have been provided a data set for one of the practices. Complete the following audit activity in class, working with your team to process the data. We anticipate that you will work on this during the TBL workshop (on either 24th or 25th January, depending on your team). You can do the analysis any time, but we recommend making use of these sessions for the analysis as staff will be present to help with any issues. 1. Calculate the mean number of PPI issues in 12 months. 2. Calculate the mean number of alginate antacid issues in 12 months. 3. Determine the percentage of patients who order more than TWO alginate prescriptions in 12 months. Dashboard Calendar To-do Notifications Inbox < 19:14 Il 5G Introduction - set the scene; what are we looking at, why is this an issue worth carrying out an audit for? Methods - Imagine you were doing this audit completely yourself, not that we gave you the data. Set out what data was collected in order to carry out the audit, and how you analysed this (note this is not the results of your analysis, but the methods of how to do the analysis). You should probably also set out here what the target is you are aiming for; if you remember we said in the introduction session that a key thing about audits is that you are assessing performance against a set standard, so what is the standard that you are aiming for? Note that we've not told you a set standard you are aiming for, we are looking for you to set a sensible standard. We've given you some clues in the questions we asked you to find answers to: What is the MEAN number of PPI issues over 12 months? ← Reply 6 助 Email Calendar Feed AppsSee Answer
Q16: $1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return 2023 OMB No. 1545-0074 For the year Jan. 1-Dec. 31, 2023, or other tax year beginning Your first name and middle initial , 2023, ending , 20 Last name If joint return, spouse's first name and middle initial Last name Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. Foreign country name Filing Status Check only one box. IRS Use Only-Do not write or staple in this space. See separate instructions. Your social security number Apt. no. State ZIP code Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign postal code your tax or refund. ☐ You Spouse Foreign province/state/county Head of household (HOH) Qualifying surviving spouse (QSS) Single Married filing jointly (even if only one had income) Married filing separately (MFS) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent: Digital Assets Standard Deduction Age/Blindness You: At any time during 2023, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Someone can claim: You as a dependent ☐ Your spouse as a dependent Yes No Spouse itemizes on a separate return or you were a dual-status alien Were born before January 2, 1959 Are blind Spouse: Dependents (see instructions): (1) First name Last name (2) Social security number Was born before January 2, 1959 (3) Relationship to you Is blind (4) Check the box if qualifies for (see instructions): Child tax credit Credit for other dependents If more than four dependents, see instructions and check here Income 1a Total amount from Form(s) W-2, box 1 (see instructions) b Attach Form(s) W-2 here. Also с attach Forms d W-2G and e 1099-R if tax was withheld. f Household employee wages not reported on Form(s) W-2. Tip income not reported on line 1a (see instructions) Medicaid waiver payments not reported on Form(s) W-2 (see instructions) Taxable dependent care benefits from Form 2441, line 26 Employer-provided adoption benefits from Form 8839, line 29 If you did not g Wages from Form 8919, line 6. get a Form h Other earned income (see instructions) W-2, see instructions. Nontaxable combat pay election (see instructions) z Add lines 1a through 1h Attach Sch. B 2a Tax-exempt interest if required. 3a Qualified dividends 4a IRA distributions Standard 5a Pensions and annuities Deduction for- Single or 6a Social security benefits 2a За 4a 5a 6a b Taxable interest b Ordinary dividends b Taxable amount. b Taxable amount. b Taxable amount. 1a 1b 1c 1d 1e 1f 1g 1h 1i 1z 2b 3b 4b 5b 6b Married filing с separately, $13,850 7 • Married filing jointly or 8 If you elect to use the lump-sum election method, check here (see instructions) Capital gain or (loss). Attach Schedule D if required. If not required, check here Additional income from Schedule 1, line 10. ☐ · 7 8 Qualifying 9 surviving spouse, $27,700 10 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income from Schedule 1, line 26 9 10 Head of household, 11 Subtract line 10 from line 9. This is your adjusted gross income 11 $20,800 12 Standard deduction or itemized deductions (from Schedule A) 12 • If you checked any box under 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 Standard Deduction, 14 Add lines 12 and 13 14 see instructions. 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2023) Form 1040 (2023) Page 2 Tax and 16 Credits 17 Tax (see instructions). Check if any from Form(s): 1 8814 2 Amount from Schedule 2, line 3 4972 3 16 18 Add lines 16 and 17 . 19 Child tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter -0- 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23. This is your total tax 17 18 19 20 21 22 23 24 67 Payments 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b с Other forms (see instructions) 25c d Add lines 25a through 25c 26 If you have a 2023 estimated tax payments and amount applied from 2022 return 25d 26 qualifying child, 27 Earned income credit (EIC). 27 attach Sch. EIC. 28 Additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Reserved for future use. 30 31 Amount from Schedule 3, line 15 31 32 33 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits Add lines 25d, 26, and 32. These are your total payments 32 33 Refund 34 35a If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 34 35a Direct deposit? b Routing number c Type: ☐ Checking Savings See instructions. d Account number 36 Amount of line 34 you want applied to your 2024 estimated tax. 36 Amount 37 Subtract line 33 from line 24. This is the amount you owe. You Owe 38 For details on how to pay, go to www.irs.gov/Payments or see instructions Estimated tax penalty (see instructions) 37 38 Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Designee's name Phone no. Yes. Complete below. Personal identification number (PIN) No Sign Here Joint return? See instructions. Keep a copy for your records. Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent you an Identity Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Phone no. Preparer's name Email address Preparer's signature Paid Preparer Use Only Firm's name Firm's address Go to www.irs.gov/Form 1040 for instructions and the latest information. Date PTIN Check if: Self-employed Phone no. Firm's EIN Form 1040 (2023)/nSee Answer
Q17: Instructions: Need to do the requirement part in Excel. BASED ON US TAX ACCOUNTING./n Spring 2024 ACCTG 332 - Take Home Midterm It is now March 2024; the Reynolds family are working on their taxes for 2023. Below is their basic information: Emily Reynolds (45) works as an elementary school teacher at Mountain View Elementary School in San Diego, California. Her husband, Alex Reynolds (46), is employed as a commercial pilot for Soar High Airlines, also in San Diego. Emily and Alex reside in a recently purchased home in Del Mar area. The couple has two children who lived with them throughout the year. Olivia is 12, and Ethan (19) is now a full-time student at SDSU. Neither child provided more than half of their own support. Emily and Alex had the following transactions in 2023: 1. Alex's annual salary as a commercial pilot is $210,000. Emily's annual salary is $98,000. 2. In addition to their salaries, Alex and Emily have various investments and received the following income on their investments: $550 in interest from San Diego municipal bonds; $2,070 interest from mutual funds; $65 in interest from their joint savings account; $17,000 net long-term capital gain from various stocks they disposed. During 2023, their stock portfolio appreciated by $16,800, but they have not sold these stocks. 3. The Reynolds own a rental property. This year, they received $42,000 of rental payments from tenants and incurred $20,000 of expenses associated with the rental. 4. Early 2023, the Reynolds sold their previous residence for $1.4 million, which they bought 10 years ago for $800,000. The newly purchased home was bought at $2.2 million in 2023, with a mortgage of $750,000. In 2023, they paid total property tax of $26,000, and mortgage interest of $11,050. 5. Alex injured his arm on a family skiing trip and was unable to fly for three weeks. He received $9,000 for disability pay from his disability insurance policy. Soar High Airlines paid $1,200 in premiums on this policy during 2023. The disability insurance policy premiums are paid for by Soar High Airlines as a nontaxable fringe benefit to Alex. 6. In September, Emily was hit by a car while crossing the street near her school. The driver's insurance company paid her $2,800 for medical expenses relating to her injuries from the accident, $5,000 for emotional distress from the accident, and $20,000 as punitive damage. 7. Alex's father died in 2023. Alex received a $100,000 death benefit from his father's life insurance policy and inherited a property with a value of $30,000. Olivia and Ethan also each received $50,000 worth of stocks, generating dividend income of $3,800 for the year. 8. The Reynolds donated $30,000 cash to their local church. 9. In 2023, Emily enrolled in a community college to take a class on Advanced Classroom Management, and paid tuition of $1,200. 10. Olivia went to a summer camp and the tuition was $3,200. 11. The Reynolds paid a total state income tax of $22,000. 12. Alex had $36,750 of federal income tax withheld by his employer and Emily had $11,000. They did not make any estimated tax payments. Their tax liability last year was $35,800. Requirements: 1. Pease determine each of the family members filing status and filing requirements (whether or not they need to file) for 2023. (15 points) 2. Please use the income tax formula to determine the Reynolds's federal income taxes dues or taxes payable for the current year. Make sure that you list all items, such as different items of gross income, for AGI and from AGI deductions, tax credits, repayments etc. to receive full credits. For income excluded, you may also list with $0. For each of the items listed, consider show calculations for partial credits. (50 points) 3. Determine the amount of FICA taxes Emily and Alex are required to pay. (5 points) 4. What is the due date of the Reynolds' tax return, if they plan not to request an extension? (5 points) 5. Would the Reynolds be subject to underpayment penalty and what is the amount, if any? Assume the federal short-term rate is 5 percent. (10 points) 6. What do they need to do to avoid the underpayment penalty? (5 points) 7. Are Olivia and Ethan subject to Kiddie tax? Why or why not? Are there any ways for them to avoid Kiddie tax? Explain. (10 points) Please show all your work in Excel worksheet.See Answer
Q18: Background: Your new client, Ricardo Salazaar ("Salazaar”), is a dentist. His filing status is Married Filing Jointly. His spouse does not work. He owns and operates a dentistry office through an S corporation, Dentistry Gold Inc. ("Dentistry Gold"). He is the sole owner of Dentistry Gold. Last year Salazaar purchased the land and building where he operates the dental practice. His attorney advised him for legal reasons to set up another S corporation to own the real property separate from the dental practice and not in his name and rent the building to Dentistry Gold. The new S corporation, that owns the land and building, is called Gold Land, Inc. ("Gold Land"). Since Dentistry Gold already had a lease agreement for the rental expense the previous tax advisor instructed Salazaar to have Dentistry Gold's business attorney to prepare a lease agreement between Dentistry Gold and Gold Land on the same terms and conditions. Dentistry Gold paid a salary to Salazaar of $140,000 for the 2023 tax year. The net rental income earned by Gold Land is $50,000 for the 2023 tax year. The net ordinary income earned by Dentistry Gold for the 2023 tax year after all expenses is $150,000. Dentistry Gold did not employ anyone else in the business. The unadjusted basis of the assets in Dentistry Gold is $50,000. In addition, Saalazaar and his wife had passive losses of $20,000 for the 2023 tax year and investment income of $30,000. Salazaar's previous tax advisor died on December 15, 2023 and this is how he and his wife became your clients. Normally his tax advisor would tell him how much income tax to withhold from his salary for the paycheck that was paid on December 31 at the end of the year as there were no withholdings during the year. The death of the tax advisor meant that Salazaar had the payroll run so that he paid in $75,000 in federal income tax withholding. He and his wife own their own home outright and their itemized deductions for the 2023 tax year would amount to $12,000. Salazaar remembers his previous tax advisor discussing passive income and passive losses, the Qualifying Business Income ("QBI") deduction and the net investment income tax ("NIIT") but he did not quite remember how it all worked. Salazaar wants to understands the income taxes that he needs to pay for the 2023 tax year. Issues: Salazaar needs advice for the following, and requires primary authorities to support the answer: 1. Can the net rental income that he earns from Gold Land offset his passive losses for the 2023 tax year? 2. Is the net rental income that he earns from Gold Land subject to the net investment income tax? 3. What is his QBI deduction, if any for the 2023 tax year? When looking for primary authorities you should consider these authorities (but this is not an exhaustive list): IRC §469 Regs §1.469-2(f) IRC § 1411 Regs §1.1411-4(g) IRC § 199A Regs §1.199A-1(b)(14) Regs §1.199A-5(c)(2) Schumann, T.C. Memo. 2014-138. Your research should consider the above cited authorities and the associated regulations and other primary authorities that you believe are relevant to the situation. Your responsibility: Prepare a tax research memo addressing all the questions that has been raised. Please note that if the tax memo is not in the required format and/or contains very little analysis of primary authorities you will receive a zero (0) for the assignment. You will need to support your conclusion using primary sources of tax law. Your textbook is NOT a primary authority nor are IRS Publications. Please refer to Chapter 2 for primary authorities. CCH AnswerConnect is not a primary authority, nor is Google Scholar nor are any other websites you may access. The primary authorities are legislative, administrative and judicial. You may use secondary authorities to assist you with identification and understanding the primary authorities, such as CCH AnswerConnect but your memo should only contain primary authorities. You must use proper citation form in your memo (see Chapter 2 for help with citation form). The form for this communication should be professional and in the form of a tax research memo (examples posted on Canvas and a similar example in your textbook). You will see that citations are within the text of the document in the example. Once a court case has been cited in full, it can be referred to using simply the name in italics. Please use your own words and do not quote large amounts from the primary authorities. If the reader wants to see the wording of the primary authorities you have provided the citation for the reader to go and look at the wording from the primary authorities. Do yourself a favor and look at the grading rubric before you submit. This memo should be whatever length you feel is appropriate to resolve the issues. We do NOT use a bibliography or list of references in a tax research memo. We do not include Background in a tax memo. The Background is provided so you can identify the relevant facts. You are required to INDIVIDUALLY prepare this document. Please upload your memo to Canvas before the due date and time. TurnitIn will be used to check for plagiarism. Late assignments are not accepted. The grading rubric for Tax memos is posted in Canvas. For this assignment, points are distributed as follows: Aspects of the memo Points Content - facts and issue(s) 16 Content analysis Content conclusion Organization Audience 30 14 8 8 Style Mechanics 8 Referencing ∞ ∞ ∞ 8 8 Total 100See Answer
Q19:C. What cost recovery deduction, if any, does Tyler claim on the equipment? The equipment is 5-year MACRS property. Explain. $12,500 under Sec. 168 or Sec 179. Each of these sections applies to a "purchase." Tyler is deemed to have ourchased the equipment. What deduction does Tyler get with respect to the accounts receivable when they are collected? $12,500 or ordinary income flows through to Tyler, but Tyler can offest that income with Tyler's Sec. 743(b) adjustment. So, Tyler does not pay tax on the collection of the AR. What deduction does Tyler get with respect to the land and buildings? You may assume that the value of the land is $160,000 and the basis is in the land is $100,000. The fair value of the building is $120,000 and the basis is $75,000 Tyler can depreciate the portion of the Sec. 743(b) adjustment over 27.5 or 39 years. Is any of Gerald's gain 25% capital gain? Consider §1(h) and Reg. §1(h)-1(b)(3). Explain. Perhaps, but Congressional intent is unclear. What deduction(s) does Tyler get with respect to the goodwill? Consider §197. Amortizable under Section 197 over 15 years. d. Under §751(d), are the accounts receivable “inventory"? Yes. The equipment? No. What about any supplies? Yes./nPart 1 Alexandria and Gerald own and operate CSA, LLC, which reports as a partnership. The company balance sheet shows assets as of today as follows: Cash Accounts receivable Equipment (Cost = $28,000) Land and Buildings (Cost $220,000) Goodwill (Cost = $60,000) Fair Market Value Adjusted Basis $40,000 $40,000 $25,000 $25,000 $0 $0 $280,000 $175,000 $130,000 $25,000 This is purchased goodwill that was amortized. The Section 1245 recapture is $35,000 ($60,000 - $25,000). The remaining gain is Section 1231 gain. $500,000 $240,000 Alexandria owns 50% of the profits, losses and capital; Gerald, 50%. Gerald sold the 50% interest to Tyler for $250,000 cash. a. What is the amount and character of Gerald's gain or loss? Note: You may assume that Gerald's outside basis = Gerald's share of inside basis. Sales price Basis Gain Sec 751 assets Other $42,500 $207,500 $0 $120,000 $250,000 $120,000 $130,000 $42,500 $87,500 Ordinary Capital Income Gain Sec 751(a) Sec 741 b. What is the amount and allocation of any adjustment if there is an election in effect under § 754? Fair Market Value Adjusted Basis Sec 743(b) Adjustment Cash $40,000 $40,000 $0 Accounts receivable Equipment (Cost = $28,000) $25,000 $0 $12,500 $25,000 $0 $12,500 Land and Buildings (Cost $220,000) Goodwill (Cost $60,000) $280,000 $175,000 $52,500 $130,000 $500,000 $240,000 $25,000 $52,500See Answer
Q20:Part 3 Independent of "Part 2", Kathy and Andrew own and operate EA, LLC. The company balance sheet shows assets as of today as follows: Fair Market Adjusted Basis Accounts receivable Inventory Equipment (Cost = $42,000) Goodwill Value $60,000 $60,000 $27,000 $35,000 $18,000 $25,000 $220,000 $0 $325,000 $120,000 Kathy owns 60% of the profits, losses and capital; Andrew, 40%. Kathy sold her 60% interest to Glenn for $195,000 cash. a. What is the effect of this sale to the partners and the partnership? b. How is the partnership ordinary (taxable) income of $36,000 for its calendar year 2023 allocated between the Kathy, Glenn, and Andrew? Assume the sale occurred on October 1, 2023. Consider § 706(d) and Reg. § 1.706-4(a) and (d). Explain.See Answer

TutorBin Testimonials

I found TutorBin Auditing homework help when I was struggling with complex concepts. Experts provided step-wise explanations and examples to help me understand concepts clearly.

Rick Jordon

TutorBin experts resolve your doubts without making you wait for long. Their experts are responsive & available 24/7 whenever you need Auditing subject guidance.

Andrea Jacobs

I trust TutorBin for assisting me in completing Auditing assignments with quality and 100% accuracy. Experts are polite, listen to my problems, and have extensive experience in their domain.

Lilian King

I got my Auditing homework done on time. My assignment is proofread and edited by professionals. Got zero plagiarism as experts developed my assignment from scratch. Feel relieved and super excited.

Joey Dip

Popular Subjects for auditing

You can get the best rated step-by-step problem explanations from 65000+ expert tutors by ordering TutorBin auditing homework help.

TutorBin helping students around the globe

TutorBin believes that distance should never be a barrier to learning. Over 500000+ orders and 100000+ happy customers explain TutorBin has become the name that keeps learning fun in the UK, USA, Canada, Australia, Singapore, and UAE.