Mary and Paul Smith are married and file a joint return. They have two children, ages four
Question:
Mary and Paul Smith are married and file a joint return. They have two children, ages four and seven. Paul works for the Angle Corporation and receives a salary of $45,000 per year. In addition, he receives an auto allowance of $200 per month since his employer requires him to visit clients. Mary works for the Straight Corporation and receives a salary of $45,000 per year. In addition, her company has a cafeteria plan from which Mary elected to receive child care reimbursement payments of $300 per month for the pre-school that her children attend while she is working. List and describe the basic records that Mary and Paul should keep when filing their individual income tax return.
Taxes and Business Strategy A Planning Approach
ISBN: 9780132752671
5th edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon