Merv R. Baldwin (age 39, SSN 550-37-7400) and Melanic A. Baldwin (age 36, SSN 598-35- 3775)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Merv R. Baldwin (age 39, SSN 550-37-7400) and Melanic A. Baldwin (age 36, SSN 598-35- 3775) live at 515 W. 35th Ave., Provo, Utah 84200. They claim their 9-year-old son, Adam (SSN 458-47-9330) as their only dependent. Merv works as a computer analyst; Melanie is employed as a manager. Details from their respective W-2s are shown below. In order to allow them both to work, the Baldwins paid Anna Furlough (Melanie's mother, SSN 583-57-9991) $3,600 during the year for after-school childcare. Anna lives down the street at 735 W. 35h Ave. State Income Tax Withheld $8,466 6,644 Federal Income Tax Withheld $36,100 24,064 Social Medicare Тах Withheld $2,559 1,096 Gross Security Tax Withheld $7,886 4,688 Wages $176,500 Merv Melanie 75,605 During 2019, the Baldwins received $33,667 from the rental of their cabin in Park City, Utah. The cabin is located at 1900 Mountain View Lane, Park City, Utah 85068. The cabin was rented out for 104 days during the year, and the Baldwins personally used the cabin for 20 days during the summer. The Baldwins paid $319,000 for the cabin in 1997, of which $50,000 was allocated to the land. They depreciate the cabin using MACRS. Expenses related to the cabin include: Cleaning and maintenance Commissions Insurance Mortgage interest Real estate taxes Repairs Utilities $ 700 12,400 522 7,230 5,900 240 4,800 * Paid to a leasing company to help them identify and screen potential tenants, collect rents, and schedule necessary repairs and cleaning services. The Baldwins also have receipts for the following income and expenses during the year. Income: City of Ogden bond interest Key Bank CD interest Zion Bank interest $12,200 40,750 29,794 Expenses: Home mortgage interest (on main home) Real estate taxes (on main home) Cash contributions to a qualified charity Noncash contributions to a qualified charity Amount paid when filing 2017 state tax return Amount paid when filing 2017 federal tax return Tax preparation fees $15,909 5,525 2,000 150 429 2,440 275 Prepare the Baldwins' joint tax return. The Baldwins get full health care coverage thru Merv's employer. The Baldwins did not have any interest in a foreign account or trust. They sign their return on April 15, 2020 and both want to contribute $3 to the Presidential campaign fund. Merv R. Baldwin (age 39, SSN 550-37-7400) and Melanic A. Baldwin (age 36, SSN 598-35- 3775) live at 515 W. 35th Ave., Provo, Utah 84200. They claim their 9-year-old son, Adam (SSN 458-47-9330) as their only dependent. Merv works as a computer analyst; Melanie is employed as a manager. Details from their respective W-2s are shown below. In order to allow them both to work, the Baldwins paid Anna Furlough (Melanie's mother, SSN 583-57-9991) $3,600 during the year for after-school childcare. Anna lives down the street at 735 W. 35h Ave. State Income Tax Withheld $8,466 6,644 Federal Income Tax Withheld $36,100 24,064 Social Medicare Тах Withheld $2,559 1,096 Gross Security Tax Withheld $7,886 4,688 Wages $176,500 Merv Melanie 75,605 During 2019, the Baldwins received $33,667 from the rental of their cabin in Park City, Utah. The cabin is located at 1900 Mountain View Lane, Park City, Utah 85068. The cabin was rented out for 104 days during the year, and the Baldwins personally used the cabin for 20 days during the summer. The Baldwins paid $319,000 for the cabin in 1997, of which $50,000 was allocated to the land. They depreciate the cabin using MACRS. Expenses related to the cabin include: Cleaning and maintenance Commissions Insurance Mortgage interest Real estate taxes Repairs Utilities $ 700 12,400 522 7,230 5,900 240 4,800 * Paid to a leasing company to help them identify and screen potential tenants, collect rents, and schedule necessary repairs and cleaning services. The Baldwins also have receipts for the following income and expenses during the year. Income: City of Ogden bond interest Key Bank CD interest Zion Bank interest $12,200 40,750 29,794 Expenses: Home mortgage interest (on main home) Real estate taxes (on main home) Cash contributions to a qualified charity Noncash contributions to a qualified charity Amount paid when filing 2017 state tax return Amount paid when filing 2017 federal tax return Tax preparation fees $15,909 5,525 2,000 150 429 2,440 275 Prepare the Baldwins' joint tax return. The Baldwins get full health care coverage thru Merv's employer. The Baldwins did not have any interest in a foreign account or trust. They sign their return on April 15, 2020 and both want to contribute $3 to the Presidential campaign fund.
Expert Answer:
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
Posted Date:
Students also viewed these accounting questions
-
Anna age 35 wants to retire at age 65 She earns 38000 She has earned 7 on investments Inflation is averaging 2 She anticipates that her life expectancy will be 87 Her WWR is 90 Her Social Security...
-
The Social Security system provides income for people over age 65. If a recipient of Social Security decides to work and earn some income, the amount he or she receives in Social Security benefits is...
-
Adam works during the summer as a fire watcher for the Oregon forest service. As such he spends three weeks in the woods in a forest service watchtower and then gets a week off. Because of the...
-
The supplies account had a beginning balance of $1,523. Supplies purchased during the period totaled $4,928. At the end of the period before adjustment, $382 of supplies were hand. Prepare the...
-
Explain how the capital expenditures budget is different from the expense budget.
-
Curvilinear cost functions.Below are the data and some results of an OLS linear regression. The explanatory power of the quantity produced and sold (the predictor variable) to explain changes in the...
-
Quilts R Us (QRU) is considering investing in a new patterning attachment with the cash flow profile shown in the table below. QRU's MARR is 13.5 percent/year. a. What is the internal rate of return...
-
Support-department cost allocations; single-department cost pools; direct step-down, and reciprocal methods. The Manes Company has two products. Product 1 is manufactured entirely in Department X....
-
Suppose carpet for a 12 ft by 10 ft room costs $400. Find the cost to carpet a room 36 ft by 30 ft. The cost to carpet the room is $
-
1. Mr. Albert has a piece of property he has used in his business for 25 years. He is moving his business across the country and needs to get rid of the real estate he currently owns, as he won't be...
-
1. Create an abstract class named Course. Each course object will have attributes for course ID, course title, enrollment limit, and price each student pay when taking the course. 2. Each course will...
-
A 305 kg block is pulled by two horizontal forces. The first force is 124 N at an angle of 29.6 and the second is 187 N at an angle of 194. What is the y-component of the total force acting on the...
-
Analyze how social practices have been shaped by cultural diversity in modern culture.
-
An inner Melbourne coffee wholesaler and roaster, Coffee D'Oro Pty Ltd, decided to re-design their coffee roasting process and factory to be carbon neutral. The management at Coffee D'Oro Pty Ltd...
-
Hypothetical #7-City Park Candy Sale Located in the heart of downtown City, Louisiana, (City) is City-owned Central Park (Park). The Park is full of beautiful oak and pine trees. Over the years,...
-
A moving proton approaches another proton that is held fixed in place. The distance of closest approach for the moving proton is 350 femtometers. One femtometer is 10-15 m. What is the speed of the...
-
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $922,831 and liabilities of $274,560. During Year 2, owners invested an additional $28,005 and received...
-
Ball bearings are widely used in industrial applications. You work for an industrial food machinery manufacturer and your role is to design the driveshaft assembly on a new type of equipment that...
-
An automatic valve consists of a 225 Ã 225-mm square plate that is pivoted about a horizontal axis through A. If the valve is to open when the depth of water is d = 450 mm, determine the...
-
If V is a velocity, l a length and v a fluid property having dimensions of L2T-1, which of the following combinations are dimensionless: (a) Vlv, (b) Vl/v, (c) V2v, (d) V/lv?
-
Locate the centroid of the volume obtained by rotating the shaded area about the x axis. y=(1-) 3m
-
A client who is a director of a publicly listed corporation is required by law to refrain from trading that companys stock at certain points of the year when disclosure of financial results are...
-
Consider the pairwise correlations of monthly returns of the following asset classes: Based solely on the information in the preceding table, which equity asset class is most sharply distinguished...
-
Investing the majority of the portfolio on a passive or low active risk basis while a minority of the assets is managed aggressively in smaller portfolios is best described as: A. The coresatellite...
Study smarter with the SolutionInn App