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Category > Accounting Posted 16 Aug 2020 Deadline 16 Aug 2020 My Price 20.00

ACC 307

  1. Assignment 1: Assisting a Family with their Tax Returns

    Due Week 6 and worth 155 points

    Imagine that you are preparing taxes for a local tax service provider. A married couple named Judy and Walter Townson have come to you to seeking assistance with their federal income taxes. During your meeting with the Townsons, you gather the following information:

    • They are both 55 years of age.
    • They have two daughters and one son. One daughter (age 25) is married with children. One daughter (age 20) is living at home and attending college. Their son (age 16) is a junior in high school.
    • They are currently paying for their college-student daughter to attend school full time.
    • Judy is employed as a teacher and makes $60,000 a year. She used $500 of her personal funds to purchase books and other supplies for her classroom.
    • Walter is employed as a CPA and makes $100,000 a year. 
    • They provided you a 1099-INT which reported $4,500 in interest, of which $500 was savings bond interest.
    • They provided you a 1099-DIV which reported $300 in dividends. 
    • They received a state tax refund last year of $385. 
    • They provided you a list of expenses including:
      • Doctor’s bills, $800
      • Prescriptions, $400
      • New glasses, $2,000
      • Dental bills, $560
      • Braces, $5,000
      • Property taxes for their two cars of $800, which included $50 in decal fees
      • Real estate taxes of $4,500
      • Mortgage interest of $12,000
      • Gifts to charities, $1,000
      • GoFundMe contribution to local family in need, $100
      • Tax preparation fees for last year’s taxes, $400

    Consider the most beneficial way for Judy and Walter to file their federal income tax return. Prepare a brief written summary that addresses the following: 

    • Estimated taxable income for Judy and Walter (please show computations).
    • Summary of tax return, including any suggestions or tax planning considerations. 
    • Explain how you determined the filing status, dependents, and use of standard/itemized deduction.

    Note: The summary should be no more than 500 words and should be uploaded as a Word document with a cover page via the Blackboard assignment tab in Week 6.

    The specific course learning outcomes associated with this assignment is:

    • Complete a tax analysis that is informed by tax law and strategies to determine the most beneficial way for a client/family to file their federal income tax return.

    Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the rubric located here.


     

  2. By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssign™ services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution's policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates.

Answers

ComputerScienceExpert
(11)
Status NEW Posted 16 Aug 2020 12:08 AM My Price 90.00

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SmartExpert
(118)
Status NEW Posted 16 Aug 2020 12:08 AM My Price 80.00

I a-----------m s-----------tar-----------tin-----------g-----------

Attachments

file 1597587958-ACC307 Assignment .docx preview (598 words )
T-----------axa-----------tio-----------n A-----------ssi-----------gnm-----------ent----------- E-----------sti-----------mat-----------ed -----------tax-----------abl-----------e i-----------nco-----------me -----------for----------- Ju-----------dy -----------and----------- Wa-----------lte-----------r (-----------Ple-----------ase----------- sh-----------ow -----------com-----------put-----------ati-----------ons-----------) -----------The----------- de-----------tai-----------led----------- ta-----------x c-----------alc-----------ula-----------tio-----------n f-----------or -----------Jud-----------y a-----------nd -----------Wal-----------ter----------- in-----------com-----------e i-----------s a-----------s f-----------oll-----------ows-----------: -----------Jud-----------y W-----------alt-----------er -----------Tot-----------al ----------- Ye-----------arl-----------y I-----------nco-----------me -----------60,-----------000----------- 10-----------0,0-----------00 -----------160-----------,00-----------0 -----------Int-----------ere-----------st -----------Inc-----------ome----------- - ------------ 4-----------,50-----------0 -----------Div-----------ide-----------nd ------------ ------------ 30-----------0 -----------Gro-----------ss -----------Inc-----------ome----------- 60-----------,00-----------0 1-----------00,-----------000----------- 16-----------4,8-----------00 ----------- Pe-----------rso-----------nal----------- Ex-----------pen-----------ses----------- Pu-----------rch-----------ase----------- Bo-----------oks----------- 50-----------0 ------------ 50-----------0 -----------Doc-----------tor-----------’-----------s b-----------ill-----------s ------------ - -----------800----------- P-----------res-----------cri-----------pti-----------ons----------- - ------------ 4-----------00 ----------- Ne-----------w g-----------las-----------ses----------- - ------------ 2-----------,00-----------0 -----------Den-----------tal----------- bi-----------lls-----------
file 1597587958-ACC307 Assignment .xlsx preview (59 words )
Ju-----------dyW-----------alt-----------erT-----------ota-----------lYe-----------arl-----------y I-----------nco-----------meI-----------nte-----------res-----------t I-----------nco-----------meD-----------ivi-----------den-----------dGr-----------oss----------- In-----------com-----------ePe-----------rso-----------nal----------- Ex-----------pen-----------ses-----------Pur-----------cha-----------se -----------Boo-----------ksP-----------res-----------cri-----------pti-----------ons-----------New----------- gl-----------ass-----------esD-----------oct-----------orâ-----------€™s----------- bi-----------lls-----------Den-----------tal----------- bi-----------lls-----------Bra-----------ces-----------Pro-----------per-----------ty -----------tax-----------es -----------for----------- th-----------eir----------- tw-----------o c-----------ars----------- Re-----------al -----------est-----------ate----------- ta-----------xes----------- Mo-----------rtg-----------age----------- in-----------ter-----------est-----------Gif-----------ts -----------to -----------cha-----------rit-----------ies-----------GoF-----------und-----------Me -----------con-----------tri-----------but-----------ion----------- to----------- a -----------loc-----------al -----------fam-----------ily-----------Tax----------- pr-----------epa-----------rat-----------ion----------- fe-----------es -----------for----------- la-----------st -----------yea-----------râ€-----------™s -----------tax-----------esT-----------ota-----------l E-----------xpe-----------nse-----------sNe-----------t I-----------nco-----------me -----------(Gr-----------oss----------- In-----------com-----------e ------------ Ex-----------pen-----------ses-----------)Ex-----------emp-----------tio-----------nsT-----------ota-----------l T-----------axa-----------ble----------- In-----------com-----------eLe-----------ss:----------- Di-----------vid-----------end-----------Les-----------s: -----------Sav-----------ing-----------s
(1)
SmartExpert
(118)
Status NEW Posted 16 Aug 2020 12:08 AM My Price 80.00

I a-----------m s-----------tar-----------tin-----------g-----------

Attachments

file 1597587958-ACC307 Assignment .docx preview (598 words )
T-----------axa-----------tio-----------n A-----------ssi-----------gnm-----------ent----------- E-----------sti-----------mat-----------ed -----------tax-----------abl-----------e i-----------nco-----------me -----------for----------- Ju-----------dy -----------and----------- Wa-----------lte-----------r (-----------Ple-----------ase----------- sh-----------ow -----------com-----------put-----------ati-----------ons-----------) -----------The----------- de-----------tai-----------led----------- ta-----------x c-----------alc-----------ula-----------tio-----------n f-----------or -----------Jud-----------y a-----------nd -----------Wal-----------ter----------- in-----------com-----------e i-----------s a-----------s f-----------oll-----------ows-----------: -----------Jud-----------y W-----------alt-----------er -----------Tot-----------al ----------- Ye-----------arl-----------y I-----------nco-----------me -----------60,-----------000----------- 10-----------0,0-----------00 -----------160-----------,00-----------0 -----------Int-----------ere-----------st -----------Inc-----------ome----------- - ------------ 4-----------,50-----------0 -----------Div-----------ide-----------nd ------------ ------------ 30-----------0 -----------Gro-----------ss -----------Inc-----------ome----------- 60-----------,00-----------0 1-----------00,-----------000----------- 16-----------4,8-----------00 ----------- Pe-----------rso-----------nal----------- Ex-----------pen-----------ses----------- Pu-----------rch-----------ase----------- Bo-----------oks----------- 50-----------0 ------------ 50-----------0 -----------Doc-----------tor-----------’-----------s b-----------ill-----------s ------------ - -----------800----------- P-----------res-----------cri-----------pti-----------ons----------- - ------------ 4-----------00 ----------- Ne-----------w g-----------las-----------ses----------- - ------------ 2-----------,00-----------0 -----------Den-----------tal----------- bi-----------lls-----------
file 1597587958-ACC307 Assignment .xlsx preview (59 words )
Ju-----------dyW-----------alt-----------erT-----------ota-----------lYe-----------arl-----------y I-----------nco-----------meI-----------nte-----------res-----------t I-----------nco-----------meD-----------ivi-----------den-----------dGr-----------oss----------- In-----------com-----------ePe-----------rso-----------nal----------- Ex-----------pen-----------ses-----------Pur-----------cha-----------se -----------Boo-----------ksP-----------res-----------cri-----------pti-----------ons-----------New----------- gl-----------ass-----------esD-----------oct-----------orâ-----------€™s----------- bi-----------lls-----------Den-----------tal----------- bi-----------lls-----------Bra-----------ces-----------Pro-----------per-----------ty -----------tax-----------es -----------for----------- th-----------eir----------- tw-----------o c-----------ars----------- Re-----------al -----------est-----------ate----------- ta-----------xes----------- Mo-----------rtg-----------age----------- in-----------ter-----------est-----------Gif-----------ts -----------to -----------cha-----------rit-----------ies-----------GoF-----------und-----------Me -----------con-----------tri-----------but-----------ion----------- to----------- a -----------loc-----------al -----------fam-----------ily-----------Tax----------- pr-----------epa-----------rat-----------ion----------- fe-----------es -----------for----------- la-----------st -----------yea-----------râ€-----------™s -----------tax-----------esT-----------ota-----------l E-----------xpe-----------nse-----------sNe-----------t I-----------nco-----------me -----------(Gr-----------oss----------- In-----------com-----------e ------------ Ex-----------pen-----------ses-----------)Ex-----------emp-----------tio-----------nsT-----------ota-----------l T-----------axa-----------ble----------- In-----------com-----------eLe-----------ss:----------- Di-----------vid-----------end-----------Les-----------s: -----------Sav-----------ing-----------s
(1)
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