Tax Return 2013 Essay

690 words - 3 pages

TAX RETURN No. 1 –Part II Spring, 2013
Henry and Helen Cummings are married and they live in Geneseo, N.Y. Henry is 37 and Helen is 34. They have two children, Robert and Mary. Robert is 6 years old and Mary is 4 years old, and neither has any income and both children qualify as their parent’s dependents. Helen is a licensed physical therapist. Henry is a manager for Baker Corporation, which is located in Rochester, New York. In February 2012, the Cummings provided you with the following information for preparing their 2012 federal income tax return:
1. The Cummings use the cash method of accounting and file their return on a calendar-year basis.
2. On May 15, 2012, Helen received $25,000 as a gift from her Aunt Mary.
3. The couple has a total amount of interest income for 2012 of $5000, of which $2,000 is interest from a savings account at ABC Bank, and $3,000 is ...view middle of the document...

8. The Cummings qualify for a “Child tax credit” in the amount of $1,600 (line 51, Form 1040, p. 2).

DUE DATE: PART I AND PART II are both subject to collection on Thursday, 2/21 (beginning of class)
REQUIREMENTS: If you worked in a group for Part I, you must work in that group for Part II. Each of the two parts, Part I and Part II, will need to have the pages for that respective part stapled together, with your name(s) printed at the top of the first page for Part I and at the top of the first page for Part II.

For Part II, you will complete the Cummings federal income tax return for 2012 MANUALLY (not using any software), and this will include p. 1 and p. 2 of their 1040, and Schedule B for Form 1040. You should download and print-out these 2012 forms from the TAX RETURN 1 Folder on MyC, and you’ll also find that the 2012 1040 instructions booklet is in the TAX RETURN 1 Folder on MyC. While you may fill the tax forms out in pencil (in fact, that’s preferable), nevertheless, the copy that you turn-in must be very neat and very legible.

GENERAL PROCEDURE: You should fill out the return by reviewing each line on p. 1 of 1040, and where it directs you to fill out a required Schedule for that line, then you need to go to that Schedule and fill the schedule out to get the required amount for the line on the 1040. You then go to the next line on the 1040.

Regarding FORM1040, p. 1 and p. 2—pay attention to detail and be SURE ALL information, such as Social Security numbers, is accurate. Note that the arrows at specific lines generally indicate that a total or subtotal must be placed on that line. Arrows at boxes generally mean that you either need to provide information (e.g., a number or amount) in that box, or that you might need to check the box as directed and per the taxpayer’s answer to a question. NOTE: if there’s NO arrow at a line and if no amount applies for a particular line, there is generally NO need to enter a zero unless the instructions specifically direct you to do so, e.g., the line is a total line or a subtotal.

Other Essays Like Tax Return 2013

Tax Accounting 1 Essay

1622 words - 7 pages number Amount of line 73 you want applied to your 2013 estimated tax ▶ 75 Amount you owe. Subtract line 72 from line 61. For details on how to pay, see instructions ▶ 72 73 74a 13000 Direct deposit? See ▶ instructions. 74a b d 75 76 Amount You Owe 76 58,199 Third Party Designee 77 77 Estimated tax penalty (see instructions) . . . . . . . Do you want to allow another person to discuss this return with the IRS (see

Homework Es Week 5 Essay

1791 words - 8 pages purchase in order to supply new capital to the financially troubled institution were capital in nature (Smith, Harmelink, & Hasselback, 2013). If capital losses exceeds capital gains, the excess can be deducted on the tax return and used to reduce other income, such as wages, up to annual limit of $3,000 or $1,500 if they are married filling separately (IRS.Gov, 2011). In this case there was net capital loss from shareholder stock is under

Tax Reformation

4514 words - 19 pages Subject code: BBEK1103 Subject: Principles of Microeconomics Contents Preface .......................................................................................................................................................... 2 Introduction ................................................................................................................................................... 3 Effects of Tax systemt

Acct 553 Week 2 Homework

521 words - 3 pages : Interest on a savings account of $36, interest on a U.S. Series EE savings bond of $25 (no special election made), interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return? | |   | Student Answer: |   | On their 2013 tax return,they have to report interest on savings account and CD –total of $56($36+$20). They also have to report EE Savings Bond of $25 if the bond matured

Homework 1

918 words - 4 pages of the project is ________. The internal rate of return for the project is ________. 3. Construct the DuPont system of analysis using the following financial data for Key Wahl Industries and determine which areas of the firm need further analysis. Key Financial Data 4. Complete the balance sheet for General Aviation, Inc. based on the following financial data. Balance Sheet General Aviation, Inc. December 31, 2013 Key Financial Data

Lasting Impression

739 words - 3 pages 4 $167,760.00 0.592 $99,327.00 4 $85,680.00 0.592 $50,729.44 5 $449,560.00 0.519 $233,487.00 5 $206,880.00 0.519 $107,446.99 $697,738.82 $391,705.88 Net Present Value = $677,769.21 - $662,000 Net Present Value = $379,383.92 - $361,705.88 $35,783.82 $30,105.88 Internal Rate of Return (used online calculator) Press A 14.82% Press B 15.83% Reference Gitman, Lawrence J., & Zutter, Chad J., (2013). Principles of Managerial Finance 13th Edition. Boston, MA: Prentice Hall.

Vak Learning Style

2388 words - 10 pages press. What is Tom's recognized gain? (Points : 5) $0 $3,000 $4,800 $5,000 3. (TCO H) Bob and Susan file a joint return for the 2010 tax year. Their adjusted gross income is $80,000. They had a net investment income of $9,000. In 2010, they had the following interest expenses. Personal credit card interest: $5,000 Home mortgage interest: $10,000 Investment interest (on loans used to buy stocks): $10,000

Comparative Summary

1260 words - 6 pages communities. Unique Financial Policies One issue affecting these nonprofit organizations is the future of tax exemptions (Baker, & Baker, 2013). More specifically, income and property taxes. Various bylaws, guidelines, and organization structures may vary depending on the community in which they reside. The tax-exempt status is granted by the IRS if the organization meets the requirements that define it as a charitable corporation (Gapenski, 2008

Small Business Idea

1380 words - 6 pages organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business” (Investopedia, 2013). Partners share business profits, losses, and debts within their individual income tax return. Each principle is equally liable for actions of the related partners and each partnership must have at least one general partner. One drawback of forming a partnership

Tfs Corporation Ltd Financial Analysis Report

1663 words - 7 pages well across the board and closed it off with a 41% increase in retained profits. Profitability: TFS Corporation’s financial stability can be determined by the return on asset ratio, which for 2013 was 65% compared to 25% in 2012 (Appendix 1, Tb 2, item 1). This was due to the exceedingly large net profit before tax was recorded by the company. The net profit of margin had also increased from only 25% to 45% (Appx 1, Tb 2, item 2) from 2012

Study of Herman Melville

524 words - 3 pages | 3,4,5,7,8,9,12,14,15,16,23,25,26,33,35,38,42 | R, 4/18 | Ch. 16 | See previous assignment TAX RETURN ASSIGNMENT DUE TODAY | T, 4/23 | Ch. 17 | 1,2,4,5,7,8,10,11,15,26,28,31,34,45,47,50 | R, 4/25 | Ch. 17 | Catch-up and review day | | FINAL EXAM | M, 4/29 | 11:30am-2pm | 12:30-1:45pm TR class, Section 004 | W, 5/1 | 8-10:30am | 2:00-3:15pm TR class, Section 003 |

Related Papers

Tax Notes Essay

1174 words - 5 pages · Install the software and click on the "UPDATE" - Good for the Tax Return Problem · Print lecture notes online and bring them to the class · Take Home Quizzes · Assignments are not turned in - reinforce lectures; solutions are online Lecture Notes: Chapter 1 · Tax is the exaction for the support of the government; · Tax laws: to help economy; social considerations (old people get credits; blind people; etc.) · four characteristics of

The Estate Tax Should Be Controlled

3633 words - 15 pages with the estate tax return. As Figure 2 shows, the IRS holds that for persons dying in 2013, their estates are excludable if combined gross assets and prior taxable gifts are under $5,250,000 (irs.gov). Another special point of emphasis on federal legislation that the Internal Revenue Service makes is that beginning on January 1, 2011, spouses of the deceased may use the unused part of the exemption of the decedent. Many states elect to tax

Ge Capitals Essay

745 words - 3 pages . 5. What percentage is corporate tax return as a part of federal revenues, collected from taxes? What was it in the 1950’s? - In the 1950’s corporate taxes accounted for 30% of all federal revenue. In 2009 it accounted for 6.6%. 6. Describe GE’s tax department? Where do we see the revolving door in action? What is the job of the accountants in this department? - GE’s tax department is made up of former high-ranking

Income Tax E Filing – To What Extent Has It Been Accepted In Mauritius?

1329 words - 6 pages being integrated to deliver better and convenient public services by the government in various ways under the e- governance program around the world. Filing income tax return online is one such ambitious initiative under e-governance. Tax e-filing has been adopted by many developed countries today where the public has to discharge their responsibility to the tax authorities. In line with the Government’s Maurice Ile Durable strategy with the view