Question: can you help me to do the worksheet like how to calculate tax liability and tax due and answer these question, please? Thank you so
can you help me to do the worksheet like how to calculate tax liability and tax due and answer these question, please? Thank you so much
all T-Mobile Wi-Fi - 11:49 PM 1 39% A ilearn.sfsu.edu - Private Kyle paid Merrill Lynch a fee 600 to manage his investments Interest income from SF City 8731 Bonds Interest income from US 3,732 Treasury bonds Charitable contribution by 9,482 check to San Francisco State University Federal Estimated Tax paid for 4,915 2019 tax year In addition: Kyle received a $2300 refund on 5/15/2019 for overpayment of 2018 California State Income Tax. Kyle's itemized deductions in 2018 totaled $24,900. The standard deduction for 2018 was $24,000. His grandmother died and he received the proceeds from her life insurance policy of $20,000. Kyle's employer paid $385 per month to provide Kyle with parking in downtown San Francisco. Kyle contributed $12,000 to a 529 plan for Randy. The money was invested in a mutual fund which paid $400 interest income. Kyle wants any overpayment of his federal tax credited toward next year's taxes in 2019. I) QUESTION 1 Briefly explain if Kyle can take the Child Tax Credit or ODC for Loretta, Hillary, Randy, Karl, Marcy, Harriet 2) QUESTION 2: Compute Kyle's Tax Due or Refund Taxable Tax on Computation of Tax on Income Income Ordinary and LTCG Ordinary Income LTCG Qualified Dividend Total Less Credits Less Prepayments Tax Due 1) QUESTION 3: What is the marginal tax bracket of Kyle Peterson?all T-Mobile Wi-Fi - 11:48 PM 1 39% A ilearn.sfsu.edu - Private Kyle also provided the following information Qualified Home mortgage 18,135 interest expense paid to B of A (Received 1098). Property taxes on home 17,235 Payment to dentist for braces 18,235 for Randy and Karl Kyle won a new car in raffle 26,000 with a FMV of $26,000 Sold 323 shares Carnival Corp 2 stock on 3/15/2019 for $15,500 they purchased on 1/1/2005 for $5500, Kyle spent $3,100 for auto 3100 expenses related to his job for which he was not reimbursed Tax return preparation fee 800 Kyle paid Merrill Lynch a fee 600 to manage his investments Interest income from SF City 8731 Bonds Interest income from US 3,732 Treasury bonds Charitable contribution by 9,482 check to San Francisco State University Federal Estimated Tax paid for 4,915 2019 tax year In addition: Kyle received a $2300 refund on 5/15/2019 f overpayment of 2018 California State Income Tax. Kyle's itemized deductions in 2018 totaled $24,900. The standar deduction for 2018 was $24,000. His grandmother died a received the proceeds from her life insurance policy of $2.l T-Mobile Wi-Fi - 11:49 PM 1 39% AA A ilearn.sfsu.edu 1) QUESTION 1 Briefly explain if Kyle can take the Child Tax Credit or ODC for Loretta, Hillary, Randy, Karl, Marcy, Harriet 2) QUESTION 2: Compute Kyle's Tax Due or Refund Taxable Tax on Computation of Tax on Income Income Ordinary and LTCG Ordinary Income LTCG Qualified Dividend Total Less Credits Less Prepayments Tax Due 1) QUESTION 3: What is the marginal tax bracket of Kyle Peterson? 2) QUESTION 4: a. What is Kyle's average federal income tax rate? 3) QUESTION 5: What is Kyle's effective tax rate? 4) QUESTION 6: How much tax would Kyle Peterson save if he increased his charitable contribution by $4000 to $13,482. 1 2/17/20all T-Mobile Wi-Fi - 11:48 PM 1 39% A ilearn.sfsu.edu - Private manager at winthrop Corporation In San FranCISCO. Kyle received the following W-2 form from his employer: Form W-2 Wage and Tax Statement 2019 Copy A for Social Security Administration Void. ... a Employee's social security number 1 Wages, tips, other 2 Federal income 981-98-1311 compensation tax withheld b Employer identification number (EIN) 172433.00 30700.00 22-2222222 3 Social security wages 4 Social security tax withheld c Employer's name, address, and ZIP code 172433.00 8239.80 PLACER CORPORATION 5 Medicare wages and tips Medicare tax withheld 172433.00 2500.27 3131 MAIN STREET 7 Social security tips 8 Allocated tips SAN FRANCISCO CA 94533-3 10 Dependent care benefits d Control number. ... . 333333333333 e Employee's first name and initial 11 Nonqualified plans 12 See instrs. for box 12 KYLE P Last name Suff. 13 Statutory employee. PETERSON Retirement plan. .. . Third-party sick pay f Employee's address and ZIP code 1300 HILL STREET 14 Other WALNUT CREEK CA 94533 15 Employer's state 16 State wages, 17 State 18 Local wages, 19 Local 20 Locality State identification no. tips, etc income tax tips, etc income tax Name CA 172433.00 12132.87 He also received a 1099 for doing some consulting work for a firm as follows. The income qualifies for the Qualified Business Income Deduction. Form 1099-MISC Miscellaneous Income 2019 Copy A - File with Form 1096 Void. 0 Corrected. PAYER'S name, street address, city or town, 1 Rents state or province, country, ZIP, or foreign postal $ code, and telephone number. WINTHROP CORPORATION 2 Royalties $ 1500 SPEAR STREET 4 Federal income. T-Mobile Wi-Fi 11:48 PM 1 39% A ilearn.sfsu.edu - Private Kyle Peterson (born 3/1/1980, Social Security #914- 33-2342) is divorced and blind. He lives with his girlfriend, Loretta Smith all year. Loretta Smith is a full-time student at SFSU (born 1/31/2000, SS #565-33-2222). She is on a scholarship of $8,000 for tuition, books and supplies + $1500 for room and board. Kyle provides more than half her support. In addition, Loretta earns $900 interest income from Bank of America and $1100 salary. She had $84 Social Security taxes withheld, Fed Tax Withholding of $102, and Ca. State Tax withholding of $55. Loretta paid $1100 in medical expenses in 2019. Kyle is divorced from his wife Nancy Drew. They were divorced in 2012. They have one daughter Hillary, born 4/15/2002, (SS #888-88-888) who lives with Kyle for 6 months and with Nancy for 6 months. Nancy provides more than half her support. Hillary has no income. Nancy's AGI is $130,000. Kyle pays $12,000 alimony in 2019 to Nancy Drew and $14,000 in child support to Hillary. In addition Kyle has three children with his second wife, Ramona Harrison. Randy (Born 8/2 2006), SS # 818-44-3312) and Karl born 9/3/2004) (SS # 513- 313-3333) and Marcy (Born 11/3/2001) (SS # 513-66- 6667). Marcy is a full-time student at SFSU. Kyle has custody of all three children. Randy and Karl live with him all year. Marcy lives on campus and has a job in which she earns $8500. Kyle provide more than half her support. Kyle provides more than half the support for Karl and Randy. Marcy comes home during summer vacations. Kyle also provides more than half of the support for his mother Harriet Lam, Age 68, (412-33-1243) who lives in her own apartment. Harriet is single. Her only income is social security of $12,121, interest income of $2200, and salary of $1800. The Petersons reside at 1300 Hill Street, Walnut Creek, Ca. 94135. Kyle is an employed as a sales manager at Winthrop Corporation in San Francisco. Kyle received the following W-2 form from his employer:all T-Mobile Wi-Fi - 11:48 PM 1 39%0 A ilearn.sfsu.edu - Private He also received a 1099 for doing some consulting work for a firm as follows. The income qualifies for the Qualified Business Income Deduction. Form 1099-MISC Miscellaneous Income 2019 Copy A - File with Form 1096 Void. . Corrected. PAYER'S name, street address, city or town, 1 Rents state or province, country, ZIP, or foreign postal S code, and telephone number. WINTHROP CORPORATION 2 Royalties S 1500 SPEAR STREET 4 Federal income SAN FRANCISCO CA 94132 3 Other income tax withheld S 6414.00 S PAYER'S Federal RECIPIENT'S 5 Fishing boat 6 Medical and health identification number identification number proceeds care payments 33-3333333 914-33-2342 S S RECIPIENT'S name 7 Nonemployee 8 Substitute compensation payments in lieu of KYLE PETERSON dividends or interest S S Street address (including apartment no.) 9 Payer made direct 10 Crop insurance sales of $5,000 or proceeds 1300 HILL STREET more of consumer products to a buyer (recipient) for resale. . S City or town, province or state, and ZIP or foreign 11 12 postal code WALNUT CREEK CA 94132 Account number FATCA 2nd TIN not. 13 Excess golden 14 Gross proceeds filing req parachute paid to an attorney payments Kyle also received the following 1099-Div: J VOID L CORRECTED PAYER'S name, street address, city or town, state or province, country. ZIP 1a Total ordinary dividends OMB No. 1545-0110 or foreign postal code, and telephone no. Sinclair Corp, 28282 Ford Road Detroit Michigan 30030 $ 8,895 Dividend 1b Qualified dividends 2019 Distribu $ 4,322 Form 1099-DIV 2a Total capital gain distr 2b Unrecap. Sec. 1250 gainall T-Mobile Wi-Fi - 11:48 PM 1 39% 0 A ilearn.sfsu.edu - Private City or town, province or state, and ZIP or foreign 11 12 postal code WALNUT CREEK CA 94132 Account number FATCA 2nd TIN not. 13 Excess golden 14 Gross proceeds filing req parachute paid to an attorney payments - - - . - . . Kyle also received the following 1099-Div: VOID U CORRECTED PAYER'S name, street address, city or town, state or province, country. ZIP 1a Total ordinary dividends OMB No. 1545-0110 or foreign postal code, and telephone no. Sinclair Corp, 28282 Ford Road Detroit Michigan 30030 $ 8,895 1b Qualified dividends 2019 Dividends and Distributions 4,322 Form 1099-DIV 2a Total capital gain distr 2b Unrecap. Sec. 1250 gain Copy 2 PAYER'S TIN RECIPIENT'S TIN 2c Section 1202 gain 2d Collectibles (28%) gain To be filed with recipient's state income tax return, when required. 33333333333 S RECIPIENT'S name 3 Nondividend distributions 4 Federal income tax withheld Kyle Peterson 5 Section 199A dividends 6 Investment expenses Street address (including apt. no.) $ 1300 Hill Street 7 Foreign tax paid Foreign country or U.S. possession City or town, state or province, country, and ZIP or foreign postal code $ Cash liquidation distributions | 10 Noncash liquidation distributions Walnut Creek, Ca. 94132 FATCA filing | 11 Exempt-interest dividends 12 Specified private activity requirement bond interest dividends Account number (see instructions) 13 State 14 State identification no.| 15 State tax withheld Form 1099-DIV www.irs.gov/Form1099DIV Department of the Treasury - Internal Revenue Service Kyle also provided the following information d Home mortgage 18,135 expense paid to B of A ed 1098). taxes on home 17,235 t to dentist for braces 18,235 dy and Karl n a new car in raffle 26,000 MV of $26,000 shares Carnival Corp 2 3/15/2019 for $15,500 chased on 1/1/2005 for