Your assignment is to complete and turn in Mr. Brandon Flowers' 2021 Form 1040 along with...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Your assignment is to complete and turn in Mr. Brandon Flowers' 2021 Form 1040 along with all required forms and schedules. For purposes of this assignment, you do not need to attach any Forms W-2, 1098, 1099, or K-1. You should also ignore any penalties that the taxpayer may have incurred. You may work individually or in groups of two or three. You must notify your professor ahead of the due date if you plan to work as part of a group. Except as otherwise noted in this document or in the syllabus, you will receive 10-percentage point deduction for any instruction not followed. This project is due by 12:30pm on Tuesday, September 20. Assignments will be considered late as of 12:31pm. If a student submits their assignment after the deadline, but before the end of class, they will receive a 10-percentage point deduction. If a student fails to submit their project by the end of class, they will receive a zero on the project. You must turn in your project in both of the following ways: (1) D2L: Upload all required materials to the appropriate assignment dropbox on D2L. (2) Hardcopy: Bring a physical copy of all required materials to our classroom (W-2111). All pages must be stapled or collected in a folder. This project is worth 8% of your final course grade. In addition to being graded on the accuracy of your return positions, you must also abide by the following instructions to avoid losing points: You may use any of the forms, instructions, and materials contained on www.irs.gov. You may also use your textbook for guidance, but keep in mind that you are completing a 2021 return, so it must be prepared using the law in place in 2021 (for reference, the textbook teaches the 2022 law). • You must complete this project without using any online tax preparation software or the aid of any professionals. Each person/group must prepare their own tax return rather than simply copying portions from another source (e.g., another person's/group's work). . You must handwrite the tax return. I recommend that you use a pencil. . You must sign your income tax return as a paid preparer. By signing the tax return, for purposes of this class, you are promising that you have complied with the instructions for this project and have not violated the GGC Honor Code in preparing your project. If you work as a group, then each member of the group must sign the return. . You must write your name(s) at the top of the front page of the tax return. If you believe there is information missing, you may make reasonable assumptions and fill in the missing information as you feel necessary. Be sure, however, to note your assumptions. 1 Brandon Flowers lives at 917 Chapel Lane, Las Vegas, Nevada 88901. He and his wife, Tana, got married in 2013, but they divorced in February 2021. Brandon has not remarried, and he has lived in a condo that he has rents from a local landlord since the divorce. Tana decided to move to nearby Crystal Springs after the divorce. Per his divorce decree with Tana, executed February 2021, he has custody of their ten-year-old son, Ammon. While Ammon occasionally visits his mom on the weekends, he spends most of his time living with his dad in Las Vegas. The divorce decree stipulates that Tana must pay alimony to Brandon each year as long as he remains alive and single. It further stipulates that Tana must pay child support for Ammon. In 2021, Tana paid $10,000 of child support and $16,000 in alimony. The decree gives Tana the right to claim the dependency exemption, along with any associated credits, for Ammon as long as he is eligible to be a dependent of either parent. Brandon and Tana have already filed the necessary forms to make sure this happens. Brandon is a US citizen. He would like to receive any tax refund he is owed via check. He has informed you that he has no interests in foreign bank accounts or foreign trusts, and that he would not like to contribute to the Presidential Election Campaign. Also, Brandon did not buy, sell, exchange, or otherwise acquire any financial interest in a virtual currency during 2021. Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890. During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Gross Wages Hot Fuss, Inc. $16,000 Sam's Town, LLC $10,500 Day & Age, LLC $15,000 Federal Income Tax Withholding $2,600 $1,900 $2,250 Type of Income Interest income from U.S. Treasury Bonds Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather State Income Tax Withholding In addition, Brandon received the following income during the year: Amount $200 $320 $610 $96,000 $403 $723 $253 Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890 During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Hot Fuss, Inc. Sam's Town, LLC Day & Age, LLC Gross Wages $16,000 $10,500 $15,000 Federal Income Tax State Income Tax Withholding Withholding $2,600 $1,900 $2,250 In addition, Brandon received the following income during the year: Type of Income. Interest income from U.S. Treasury Bonds. Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather $403 $723 $253 Amount $200 $320 S610 $96,000 Also, Brandon is a 25% owner of Killers, Inc., which is an S- corporation that reported $36,000 of ordinary business income in 2021. He has held his interest in the company for seven years. Brandon is not considered a passive investor in the company. Killers Employer Identification Number (EIN) is 13-49622587. During the year, Sam's Town, LLC, provided Brandon with $45,000 of group-term life insurance coverage. This cost the company $113. In September, due to a downturn in the economy, Brandon lost his jobs at all three companies. He then went on unemployment and received a total of $1,800 in 2021. He has been searching for a new job ever since. In October, Brandon won three tickets to a private Joy Williams concert in Lake Tahoe. He won the tickets from a local radio station. Each ticket was worth $1,000. There was no withholding on this amount at the time Brandon received the tickets. Finally, Brandon informs you that he and Ammon had qualifying minimum health insurance coverage for the whole year. Note: You may assume that there are no penalties for underpayments, late payments, or late filing. You may also ignore any alternative minimum tax implications. Finally, you do not need to prepare a Schedule K-1 for Brandon's interest in Killers, Inc. 1 Your assignment is to complete and turn in Mr. Brandon Flowers' 2021 Form 1040 along with all required forms and schedules. For purposes of this assignment, you do not need to attach any Forms W-2, 1098, 1099, or K-1. You should also ignore any penalties that the taxpayer may have incurred. You may work individually or in groups of two or three. You must notify your professor ahead of the due date if you plan to work as part of a group. Except as otherwise noted in this document or in the syllabus, you will receive 10-percentage point deduction for any instruction not followed. This project is due by 12:30pm on Tuesday, September 20. Assignments will be considered late as of 12:31pm. If a student submits their assignment after the deadline, but before the end of class, they will receive a 10-percentage point deduction. If a student fails to submit their project by the end of class, they will receive a zero on the project. You must turn in your project in both of the following ways: (1) D2L: Upload all required materials to the appropriate assignment dropbox on D2L. (2) Hardcopy: Bring a physical copy of all required materials to our classroom (W-2111). All pages must be stapled or collected in a folder. This project is worth 8% of your final course grade. In addition to being graded on the accuracy of your return positions, you must also abide by the following instructions to avoid losing points: You may use any of the forms, instructions, and materials contained on www.irs.gov. You may also use your textbook for guidance, but keep in mind that you are completing a 2021 return, so it must be prepared using the law in place in 2021 (for reference, the textbook teaches the 2022 law). • You must complete this project without using any online tax preparation software or the aid of any professionals. Each person/group must prepare their own tax return rather than simply copying portions from another source (e.g., another person's/group's work). . You must handwrite the tax return. I recommend that you use a pencil. . You must sign your income tax return as a paid preparer. By signing the tax return, for purposes of this class, you are promising that you have complied with the instructions for this project and have not violated the GGC Honor Code in preparing your project. If you work as a group, then each member of the group must sign the return. . You must write your name(s) at the top of the front page of the tax return. If you believe there is information missing, you may make reasonable assumptions and fill in the missing information as you feel necessary. Be sure, however, to note your assumptions. 1 Brandon Flowers lives at 917 Chapel Lane, Las Vegas, Nevada 88901. He and his wife, Tana, got married in 2013, but they divorced in February 2021. Brandon has not remarried, and he has lived in a condo that he has rents from a local landlord since the divorce. Tana decided to move to nearby Crystal Springs after the divorce. Per his divorce decree with Tana, executed February 2021, he has custody of their ten-year-old son, Ammon. While Ammon occasionally visits his mom on the weekends, he spends most of his time living with his dad in Las Vegas. The divorce decree stipulates that Tana must pay alimony to Brandon each year as long as he remains alive and single. It further stipulates that Tana must pay child support for Ammon. In 2021, Tana paid $10,000 of child support and $16,000 in alimony. The decree gives Tana the right to claim the dependency exemption, along with any associated credits, for Ammon as long as he is eligible to be a dependent of either parent. Brandon and Tana have already filed the necessary forms to make sure this happens. Brandon is a US citizen. He would like to receive any tax refund he is owed via check. He has informed you that he has no interests in foreign bank accounts or foreign trusts, and that he would not like to contribute to the Presidential Election Campaign. Also, Brandon did not buy, sell, exchange, or otherwise acquire any financial interest in a virtual currency during 2021. Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890. During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Gross Wages Hot Fuss, Inc. $16,000 Sam's Town, LLC $10,500 Day & Age, LLC $15,000 Federal Income Tax Withholding $2,600 $1,900 $2,250 Type of Income Interest income from U.S. Treasury Bonds Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather State Income Tax Withholding In addition, Brandon received the following income during the year: Amount $200 $320 $610 $96,000 $403 $723 $253 Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890 During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Hot Fuss, Inc. Sam's Town, LLC Day & Age, LLC Gross Wages $16,000 $10,500 $15,000 Federal Income Tax State Income Tax Withholding Withholding $2,600 $1,900 $2,250 In addition, Brandon received the following income during the year: Type of Income. Interest income from U.S. Treasury Bonds. Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather $403 $723 $253 Amount $200 $320 S610 $96,000 Also, Brandon is a 25% owner of Killers, Inc., which is an S- corporation that reported $36,000 of ordinary business income in 2021. He has held his interest in the company for seven years. Brandon is not considered a passive investor in the company. Killers Employer Identification Number (EIN) is 13-49622587. During the year, Sam's Town, LLC, provided Brandon with $45,000 of group-term life insurance coverage. This cost the company $113. In September, due to a downturn in the economy, Brandon lost his jobs at all three companies. He then went on unemployment and received a total of $1,800 in 2021. He has been searching for a new job ever since. In October, Brandon won three tickets to a private Joy Williams concert in Lake Tahoe. He won the tickets from a local radio station. Each ticket was worth $1,000. There was no withholding on this amount at the time Brandon received the tickets. Finally, Brandon informs you that he and Ammon had qualifying minimum health insurance coverage for the whole year. Note: You may assume that there are no penalties for underpayments, late payments, or late filing. You may also ignore any alternative minimum tax implications. Finally, you do not need to prepare a Schedule K-1 for Brandon's interest in Killers, Inc. 1
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these marketing questions
-
In an applied research context you do not need to explain the relationships between the variables in your conceptual model. Discuss this statement.
-
Your Assignment is to write an essay discussing how you, as a business owner, can use annuities to achieve business goals. Financial decisions require careful planning and prioritizing, especially...
-
For purposes of this question, assume that the excerpts from the Powers Report shown in Exhibit 3 provide accurate descriptions of Andersens involvement in Enrons accounting and financial reporting...
-
In Problems, assume that the populations are normally distributed and that independent sampling occurred. (a) Test the hypothesis that 1 2 at the a = 0.1 level of significance for the given sample...
-
What is a service organization? Why would it engage an auditor to report on its controls?
-
Greta Cook died in 2019. Her gross estate was $11,490,000, administration expenses were $60,000, and adjusted taxable gifts were $20,000. Compute the estate tax liability.
-
For each of the following situations, calculate the population standard error of the mean \(\sigma X^{-}\)and the \(z\)-statistic \((z)\), make a decision about the null hypothesis, and indicate the...
-
Brawn Corporation sponsors a defined benefit pension plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information: Pension plan assets (fair value)...
-
Power Company manufactures a variety of drill bits. The company's plant is partially automated. The budget for the year includes $432,000 payroll for 4,800 direct labor-hours. Listed below is cost...
-
The Fashion Rack has a monthly accounting period. All transactions are recorded in a general journal. Postings are made from the general journal to the accounts receivable ledger, accounts payable...
-
Evaluate 11 F. dS, with F(x, y, z) = (x, y, z), and S the part of the plane x+y+z=1 with x 0, y 0, and z 0. Let v = (0, 0, z) be the velocity field (in meters per second) in R. Compute the volume...
-
What are two recommended solution for a stronger US dollar, which is impacting earnings from overseas markets?
-
1. Explain how risk is essential for determining which risks require immediate attention and resources. 2.Discuss methods and criteria used for risk evaluation, such as likelihood, impact, and risk...
-
1.Discuss the importance of reporting risk during risk tracking and reporting. 2. Outline the best practices in reporting risk, including regularity, transparency, and clarity of communication.
-
What type of communication strategies are predominant? Considering the many available mediums, is TV advertising still the most powerful, or has it faded in importance?
-
Define business ethics and explain their purpose in the corporate world. State and briefly explain any four organisation behaviour intercession tactics known to you.
-
Mathildah would like to send money to her little brother using the banking app installed on her phone. Using her cellphone, she opens the banking app. She types in her login details to log onto her...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
Bev and Ken Hair have been married for 3 years. They live at 3567 River Street, Springfield, MO 63126. Ken is a full-time student at Southwest Missouri State University (SMSU) and Bev works as an...
-
David and Darlene Jasper have one child, Sam, who is 6 years old. The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David's Social Security number is 577-11-3311, Darlene's is...
-
How much of each of the following prizes or awards is taxable? a. Cheline received a $50,000 gift bag at the Oscars in 2012. b. Jon received a gold watch worth $350 for 25 years of service to his...
-
Which of the following is not a reason that the prevention and detection of fraud resulting from management override and collusion presents a significant challenge for the antifraud community? 1....
-
Which of the following statements best describes corporate governance with respect to fraud? 1. Auditors are primarily responsible for the detection of fraud, the Board of Directors for the...
-
Which of the following is not an inherent part of Statement on Auditing Standards, No. 99/113? 1. Greater scrutiny of the chief executive and chief financial officers personal financial condition 2....
Study smarter with the SolutionInn App