help with the following assignment: Matt Glennon (SSN 123-45-5555), lives at 211 W Wisconsin Ave, Apt 4,
Question:
help with the following assignment:
Matt Glennon (SSN 123-45-5555), lives at 211 W Wisconsin Ave, Apt 4, Chicago, IL 60657. He played quarterback for a football team and earned $30,000. He then developed an interest in photography. He took photography classes and decided to run his legitimate photography business as a sole proprietorship and sold a few of his photos. During the year, he had gross receipts of $1,000. However, due to a lawsuit regarding one of the pictures he sold, he paid attorney fees of $4,000. These legal fees were legitimate business expenses. He does not have any dependents but is married to Lisa Glennon (SSN 123-45-7777) and wants to file separate from his spouse. Lisa takes the standard deduction. Matt had no involvement with crypto currencies. A detail of other 2021 transactions are as follows:
Federal Income Tax Wage Withholding: $8,000
Interest from Chase savings account: $1,500
Interest from municipal bonds: $2,000
A gift from his dad: $2,500
A transfer from his savings to checking: $10,000
A trip he won from a contest: $5,000
Alimony paid to a prior wife: $2,000 (Barbara Smith SSN 123-45-9999; divorce agreement executed in 2016)
Child support paid to prior wife $3,000
Itemized deductions of: $6,100
Fully complete a 2021 Form 1040 and Form 1040 Schedule 1.
Use the 2021 federal tax rate schedule.
Thank you very much!
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston