Accounting tax problem | Accounting homework help

Please complete the tax return for Individual Tax return Problem 4 in appendix C found on page C-5 in your textbook. Fill in the PDF forms found at irs.gov and attach them to this assignment, using the blue submission link above.

 

Tax Return 2 is based on Individual Tax return 4 in appendix C on page C-5 of your textbook.  You should begin working on this return now as it is complex and will require more time than the first return. 

You will need a form 1040 with a schedule C, D,SE, Form 4562,4797,8949 and 8960. Here are some check figures:

AGI:  $383,538, NO AMT, Line 61 total tax:  $86,011, Schedule C line 31:  $59,056, Schedule D line 15: $190,832, Schedule SE line 5 $8,344

Form 4562 line 22: $606,264, Form 4797 lin 18b $81,867

 

 

 

INDIVIDUAL TAX RETURN PROBLEM 4

Required:

  • Use the following information to complete Phillip and Claire Dunphy’s 2013 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem.

  • Any required forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms.

Facts:

    1. Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent children. All three children live at home with Phillip and Claire for the entire year.

      The Dunphys provide you with the following additional information:

      • The Dunphys do not want to contribute to the presidential election campaign.

      • The Dunphys live at 3701 Brighton Avenue, Los Angeles, CA 90018.

      • Phillip’s birthday is 11/5/1967 and his Social Security number is 321-44-5766.

      • Claire’s birthday is 5/12/1970 and her Social Security number is 567-77-1258.

      • Haley’s birthday is 11/6/2001 and her Social Security number is 621-18-7592.

      • Alex’s birthday is 2/1/2003 and her Social Security number is 621-92-8751.

      • Luke’s birthday is 12/12/2007 and his Social Security number is 621-99-9926.

      • The Dunphys do not have any foreign bank accounts or trusts.

    2. Claire is a flight attendant for Western American Airlines (WAA), where she earned $57,000 in salary. WAA withheld federal income tax of $6,375, state income tax of $1,800, Los Angeles city income tax of $675, Social Security tax of $3,600, and Medicare tax of $825.

    3. Phillip and Claire received $300 of interest from State Savings Bank on a joint account. They also received a qualified dividend of $395 on jointly owned stock in Xila Corporation.

    4. Phillip’s full-time real estate business is named “Phillip Dunphy Realty.” His business is located at 645 Grove Street, Los Angeles, CA 90018, and his employer identification number is 93-3488888. Phillip’s gross receipts during the year were $730,000. Phillip uses the cash method of accounting for his business. Phillip’s business expenses are as follows:

       

      Advertising $ 5,000
      Professional dues 800
      Professional journals 200
      Employee wages 48,000
      Insurance on office contents 1,120
      Accounting services 2,100
      Miscellaneous office expense 500
      Utilities and telephone 3,360
      Payroll taxes 3,600
      Depreciation To be calculated

      On March 20, Phillip moved his business out of the old offices at 1103 Allium Lane into a newly constructed and equipped office on Grove Street. Phillip sold the old office building and all its furnishings. Phillip’s expenditures for the new office building are as follows:

      Date Acquired Asset Cost
      3/20 Land $ 300,000
      3/20 Office building 2,500,000
      3/20 Furniture 200,000
      4/1 Computer system 350,000
      6/1 Artwork 150,000

      Phillip computes his cost recovery allowance using MACRS. He would like to use the §179 immediate expensing, but he has elected to not claim any bonus depreciation. Phillip has never claimed §179 or bonus depreciation before. The assets Phillip sold on March 20 are as follows:

      Date Acquired Asset Sales Price Original Cost Accumulated Depreciation as of Beginning of the Year
      5/1/07 Office building $940,000 $900,000 $129,825
      5/1/07 Land 200,000 100,000 0
      7/1/07 Furniture 50,000 239,000 206,998
      8/13/09 Furniture 10,000 324,000 222,782
      4/12/10 Office equipment 100,000 120,000 67,524
      5/13/12 Computers $ 30,000 50,000 10,000

      Phillip has never sold any assets relating to his business before this transaction.

  1. The Dunphys sold 60 shares of Fizbo Corporation common stock on September 3, for $65 a share (minus a $50 total commission). The Dunphys purchased the stock on November 8, 2012, for $90 a share. They also sold a painting for $13,000 on March 1. Claire purchased the painting for $20,050 on September 1, 2006, as an investment.

  2. The Dunphys filed their 2012 federal, state, and local returns on April 13, 2013. They paid the following additional 2012 taxes with their returns: federal income taxes of $630, state income taxes of $250, and city income taxes of $75.

  3. The Dunphys made timely estimated federal income tax payments of $19,000 each quarter during 2013. They also made estimated state income tax payments of $1,000 each quarter and estimated city income tax payments of $300 each quarter. The Dunphys made all fourth-quarter payments on December 31, 2013. They would like to receive a refund for any overpayments.

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.