tax return

Project Description:

ken (age 31) and amy (age 28) booth have brought you the following information
regarding their income, expenses, and withholding for the year. they are unsure
which of these items must be used to calculate taxable income.
ken’s salary (salesman) $27,200
amy’s wages (part-time nurse) 18,200
insurance reimbursement for repairs from an 500
auto accident
gift from uncle george 2,000
interest income from lodge state bank 640
federal income taxes withheld:
from ken’s salary 1,200
from amy’s wages 650
amy owns and operates a computer bookstore named “the disk drive.” the
store is located at 2000 park ave, bellview, me 04104. during 2013, amy had the fol-
lowing income and expenses:
sales of books $320,400
store rental 15,000
office expense 6,000
advertising 14,000
city business license 1,000
payroll 89,000
payroll taxes 9,100
utilities 8,000
other 3,000
january 1 250,000
december 31 235,000
purchases during the year 165,000
the previous year was amy’s first year of operating the bookstore. amy and ken
elected to carry forward a $5,000 net operating loss from the first year of business into
2013. (note: net operating losses are reported on the “other income” line of form 1040.)
this year, amy loaned a friend $20,000 so that he could make an investment.
instead of making the investment, the friend lost all the money gambling and left for
parts unknown. amy has no hope of ever collecting on this bad debt.
ken, who ordinarily never gambles, won $25,000 at a casino birthday party for
one of his friends. this amount should be reported on the “other income” line of
form 1040.
the booths support ken’s parents, rod (social security number 124-80-9050)
and mary (social security number 489-37-6676) booth, who live in their own home.
ken and amy live at 2345 park ave, bellview, me 04104, and their social security
numbers are 343-75-3456 (ken) and 123-45-7890 (amy).
provide the following:
•filing status
•total number of exemptions claimed
•dollar amount of wages, salaries, tips, etc.
•dollar amount taxable interest
•dollar amount of business income
•dollar amount of capital gain or (loss)
•dollar amount of other income
•dollar amount of itemized deductions or your standard deduction
•dollar amount of exemptions
•dollar amount of tax
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Project Stats:

Price Type: Negotiable

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