If you use tax forms for your computations you will need Form 1040 and its Schedules A C D and SE and Form 8949. Check figure from book publisher is a $329 refund.
Ashley Panda lives at 1310 Meadow Lane Wayne OH 43466 and her Social Security number is 123-45-67 Show more Ashley Panda lives at 1310 Meadow Lane Wayne OH 43466 and her Social Security number is 123-45-6789. Ashley is single and has a 20-year-old son Bill. His Social Security number is 111-11-1111. Bill lives with Ashley and she fully supports him. Bill spent 2014 traveling in Europe and was not a college student. He had gross income of $4655in 2014. Ashley owns the Enterprises LLC sole proprietorship a data processing service (98-7654321) which is located at 456 Hill Street Wayne OH 43466. The business activity code is 514210. Her 2014 Form 1040 Schedule C for Panda Enterprises shows revenuesof $315000 office expenses of $66759 employee salary of $63000 employee payrolltaxes of $3560 meals and entertainment expenses (before the 50% reduction) of $22000 and rent expense of $34000. The rent expense includes payments related torenting an office ($30000) and payments related to renting various equipment ($4000). There is no depreciation because all depreciable equipment owned has beenfully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are$23000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Beige 10 shares purchased on10/18/13 date sold 10/11/14pre-share cost $80pre-share selling price $ 74toal dividends $30. Garland 30 Shares purchased on 10/11/07 date sold 10/11/14 pre-share cost43 pre share selling price 157 total dividends 70. Puce 15shares purchased on 3/10/14 date sold 8/11/14 pre-share cost 62 pre share selling price 33 total dividends 45 . Ashley had $800 of interest income from State of Ohio bonds and $600 of interest income on her Wayne Savings Bank account. She paid $25000 of alimony to her formerhusband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and had the following items which may be relevant to her return: Item Amount Comment Unreimbursed medical expenses forAshley (all for visits to doctors)$1786 Does not include health insurancepremiums.State income taxes paid 1830Real property taxes on personalresidence3230Interest paid on home mortgage(Form 1098)8137 The loan is secured by the residenceand was incurred when the homewas purchased.Charitable contributions 940 Cash paid to Ashleys church.Sales taxes 619 Amount per sales tax table. Ashley made a $30000 estimated Federal income tax payment does not want any of her taxes to finance presidential elections has no foreign bank accounts or trusts and wants any refund to be applied against her 2015 taxes.Compute Ashleys net tax payable or refund due for 2014. If you use tax forms for your computations you will need Form 1040 and its Schedules A C D and SE and Form 8949. Check figure from book publisher is a $329 refund. Show less
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The post If you use tax forms for your computations you will need Form 1040 and its Schedules A C D and SE and Form 8949. Check figure from book publisher is a $329 refund. appeared first on Premium Academic Affiliates.
