ACC 330 Project One Milestone Two Template

Instructions: Complete all six sections of the template. In item number five, you will also complete the Tax Organizer document. You will submit both documents upon completion.

1. Compare three tax positions by completing the table below:

Criteria to Compare	Position 1	Position 2	Position 3
Client ID
Filing Status
Dependents (list)
Income Streams (list)
Deductions (list)
Tax Credits (list)
Other pertinent information (list)

2. Summarize the features of each tax position.

Position 1 [summarize]

Position 2 [summarize]

Position 3 [summarize]

3. Identify your chosen clients tax position.

[Identify which client profile you select to work with.]

4. Explain the characteristics of your chosen tax position.

[characteristics]

[characteristics]

5. Complete the Tax Organizer section (accessible from the Supporting Materials section of Project One Milestone Two Guidelines and Rubric), which has two steps.

Complete the Tax Organizer using the data provided for the chosen tax position.

[Comment here in this document on your experience of completing the Tax Organizer.]

6. Tax Planning considerations based on the completed Tax organizer.

[List several bulleted points to consider.]

[List several bulleted points to consider.]

[List several bulleted points to consider.]

References:

[Sources should be cited according to APA style.]

Tax Client #1 Ji Bao

Descriptors Data Comments

Client ID 1111

Primary Taxpayers Legal Name Ji Bao

Primary Taxpayers Preferred Pronoun He

SSN ***-**-1111

Age 45

Occupation Retail Manager

Citizen/U.S. Resident Status U.S. Permanent Resident

Primary Residence 616 Langly Road #2C, Gatlinburg, TN 37738 Owned; mortgage

Secondary Residence

Business Owner

Property Ownership 616 Langly Road #2C, Gatlinburg, TN 37738

Languages English

Marital Status Single

Spouses Legal Name

Spouses Preferred Pronoun

Spouses Age

Spouses Occupation

Dependent(s) (# - Relationship) (Name/Age/SSN) 1 - Son Christian Bao (Age 10) (***-**-1112)

Income Streams W2

Ji Bao is a single father with one son, Christian, who has lived with him all year. Ji was unmarried at the end of the year. He has full custody of Christian. Ji works at the local hardware store as a retail manager. He also worked part time at the library for several months during the summer and as a server on the weekends.

Client 1 Details

Ji provides receipts for co-pays paid to his doctor totaling $10,550 for the year.

Ji provides Form 1098 reporting $7,685 in mortgage interest and $2,320 in mortgage insurance premiums for his primary residence.

Ji reports paying $1,985 in real estate taxes for the year on his primary residence.

Je provides a statement from his local church for cash contributions of $3,000 for the year.

Ji provides receipts for his sons school uniforms totaling $500 for the year.

The general sales tax paid was $1,116.

Client 1 W2

Jis W2 from the local hardware store contained information in the following boxes:

Wages (box 1) $49,715

Federal W/H (box 2) $4,707

Social Security Wages (box 3) $49,715

Social Security W/H (box 4) $3,082

Medicare Wages (box 5) $49,715

Medicare W/H (box 6) $721

Jis W2 from the local library contained information in the following boxes:

Wages (box 1) $16,222

Federal W/H (box 2) $0

Social Security Wages (box 3) $16,222

Social Security W/H (box 4) $1,006

Medicare Wages (box 5) $16,222

Medicare W/H (box 6) $235

Jis W2 from the local restaurant contained information in the following boxes:

Wages (box 1) $22,288

Federal W/H (box 2) $1,560

Social Security Wages (box 3) $12,555

Social Security W/H (box 4) $1,382

Medicare Wages (box 5) $16,222

Medicare W/H (box 6) $323

Tips $9,733