Itemized Deductions: Form 1040, Schedule A - Tax Return Demonstration скачать в хорошем качестве

Itemized Deductions: Form 1040, Schedule A - Tax Return Demonstration

#itemizeddeductions #incometax #1040 Itemized Deductions: Form 1040, Schedule A - Tax Return Demonstration Problem 1: John and Shannon O’Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John’s Social Security number is 412-34-5670 (date of birth 5/12/1985), and Shannon’s is 412-34-5671 (date of birth 11/3/1987). John’s W-2 contained the following information: Wages (box 1) = $ 66,346.74 Federal W/H (box 2) = $ 4,787.23 Social Security wages (box 3) = $ 66,346.74 Social Security W/H (box 4) = $ 4,113.50 Medicare wages (box 5) = $ 66,346.74 Medicare W/H (box 6) = $ 962.03 Shannon did not work for the year due to a medical condition but did receive unemployment compensation of $5,283 for the year with federal withholding of $645.86. In the same year, they had the following medical costs: Shannon’s prescribed diabetes medication $ 4,250 Shannon’s hospital charges 9,350 Shannon’s regular physician visits 835 Shannon’s eye doctor 75 Shannon’s diabetes blood testing supplies 755 Insurance reimbursements 1,925 In addition, they had the following other expenses: State income taxes $ 4,950 Real estate property taxes 4,170 Car loan interest 500 Personal property taxes 765 Cash charitable contributions (made ratably throughout the year to their church) 2,135 Mortgage interest expense 9,970 Union dues for John 575 Tax preparation fees 225 Problem 2: Cassi (SSN 412-34-5670) has a home cleaning business she runs as a sole proprietorship. The following are the results from business operations for the tax year 2023: Gross receipts $ 203,000 Business mileage: 27,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2023 Van (over 6,000 pounds) placed in service 1/01/2023, cost 27,000 Postage (500) Wages (26,000) Payroll taxes (1,950) Supplies (12,500) Phone (1,250) Internet service (600) Rent (2,400) Insurance (2,800) Van expenses (4,500) Business assets Date Purchased Cost Computer 1 5/18/23 $ 2,200 Computer 2 6/01/23 2,700 Printer 3/01/22 900 Copier 3/02/22 2,100 Furniture 3/01/22 6,000 Required: Determine Cassi’s self-employment income and QBI deduction. Prepare Schedule C and Schedule SE. § 179 expense is elected on all eligible assets (§ 179 was not taken on assets purchased last year). itemized deductions,schedule a,standard deduction