1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Solnce55 [7]
3 years ago
10

SMITH FAMILY'S 2018 TAX SCENARIOJoseph L. Smith (age 45, Social Security number 145-26-9210) and Rita M. Smith (age 43, Social S

ecurity number 142-46-5108) are husband and wife. They live at 1650 Belmont Avenue, Chicago, IL 60615. David is a self-employed CPA and Rita is a third grade teacher. They have two children: Blake (age 5, Social Security number 310-51-2108) and Amelia (age 3, Social Security number 314-62-8924).In 2018, Joseph earned $182,000 and Rita earned $46,000. The Smith family has medical coverage through the school system for which Rita works. As an employee, Rita had $9,500 of federal tax withheld, $2,300 of IL state tax withheld, and the required Social Security and Medicare taxes.Joseph has an office with business expenses for 2018 as follows:Item AmountOffice Rent $24,000Office Supplies $8,000Internet Charges $1,2000Phone System Charges $4,800Advertising Expenses $1,800Postage Charges $1,500Audit/Tax Software Charges $20,000Business Gifts $400The advertising expenses included local newspaper advertisements, digital marketing, and direct marketing flyers. The business gifts were $40 gift certificates given to his 10 largest clients in appreciation for their business.Joseph purchased a 2017 Honda Civic in 2017. In 2018, he drove 24,000 business miles and 6,000 personal miles, and uses the standard mileage method for tax purposes.In 2018, Joseph made estimated quarterly federal tax payments of $18,000/quarter and estimated quarterly IL state tax payments of $3,000. All the payments were made within calendar 2018. Joseph also contributed $8,000 to his SEP account.Rita bought various supplies for her classroom, but did not closely track expenditures and thus only wants to take the allowed educator expenses deduction. Her teacher's license was also renewed in 2018 for $125.Blake and Amelia are both in day care at the Riley Day Care Center at 1325 Lake Street, Chicago, IL 60612 (EIN 36-2875647). They are only in day care for 9 months of the year (weekly charge of $240.00/week), because Rita does not work during the summer.In addition to the wages and expenses as detailed, the Smiths have the following documented income and expenses:Item AmountInterest income from CDs $1,800Interest Income from Series EE $4,000Government Bonds Mortgage Interest on Principal Residence $15,000Property taxes on Residence $8,000PMI Insurance Payments $3,000Cash Charitable Contributions $2,500Non-Cash Contributions (Used Clothing to Salvation Army) $350The Smiths itemized deductions in 2017. The federal tax refund was $3,500 and the IL state tax refund was $600.In addition, the Smiths own rental property (a "two flat" in Chicago) which they have rented out for the entire year. Total rental income was $30,000. Rental property related expenses were as follows:Item AmountMortgage Interest on Rental Property $13,000Property Tax $9,000Repairs on Rental Units $2,6000Depreciation on Rental Units (using SL Depreciation) $3,500Utilities $3,000Landscaping $500
Business
1 answer:
Neporo4naja [7]3 years ago
7 0

Answer:

ssdfgfssssdffgggtwaaad cffddsaaserrtygttrreesss1 ffdde3455 re wwwertfsassfc cddwwadrtggcccxzds

You might be interested in
Your company has total wages of $321,000. Your revenue is $976,000. You have just read an industry journal that suggests that wa
VMariaS [17]
The wages are quite a bit higher than industry standard. It's about 33% which is 8% higher.

7 0
3 years ago
The opportunity cost of receiving a 93 on the economics exam is ______ points on the statistics exam.
rosijanka [135]

The opportunity cost of receiving a 93 on the economics exam is productive efficient points on the statistics exam.

Whst is opportunity cost?

The "opportunity cost" of choosing one course of action over another is the potential profit lost due to a missed opportunity. Add all of the potential costs together to get the opportunity cost.

The economics are the examine the productive efficient of the opportunity cost. The production of the goods are the lowest cost as possible unit cost.

As a result, the opportunity cost of the 93 are the reciving of the productive efficient.

Learn more about on opportunity cost, here:

brainly.com/question/13036997

#SPJ4

6 0
1 year ago
Why is body language an important indicator in business meeting
Andrews [41]

Answer:

Body language is necessary to read other people's true feelings and intentions. It helps you connect with them and build better relationships. In a meeting context, it helps to see the reactions of the participants: a facial expression can reveal a point of view before a word is spoken

6 0
3 years ago
Read 2 more answers
Define what is meant by the phrase "planning materiality threshold"
xz_007 [3.2K]
<span>Define what is meant by the phrase "planning materiality threshold".

Planning materiality threshold is defined as the complete materiality level for the financial statements in internal control. The auditor will establish a materiality level that is best based on the situation regarding the nature, extent and timing of the audit procedures. </span>
7 0
3 years ago
What is strategic procurement ​
Elodia [21]

Hi There :D

Basically it's advanced planning, scheduling, and group buying initiatives, a firm can experience significant cost savings

6 0
3 years ago
Other questions:
  • Tayler Company reported the following data.
    10·1 answer
  • Fabriq Inc., a cosmetics company, hired a well-known movie star to appear in its advertisements. The company hoped that using a
    10·1 answer
  • When a product has gained a certain level of brand awareness, firms use __________ advertising to motivate consumers to want to
    9·1 answer
  • Why was Amazon one of the the best companies of 2019?? Why was Disney one of the the best companies of 2019?
    14·1 answer
  • What determines our ability to purchase things we want and/or need?
    11·1 answer
  • A broker received a very high offer on a piece of property from a buyer. Bill makes a low offer through a "dummy" purchaser, or
    11·1 answer
  • Production and sales estimates for March for Robin Co. are as follows: Estimated inventory (units), March 1 18,400 Desired inven
    7·1 answer
  • The owner of a large manufacturing plant pays the base rate of $11.24 per $100 in wages paid for workers’ compensation insurance
    9·2 answers
  • Coupon payments are fixed, but the percentage return that investors receive varies based on the market conditions. this percenta
    15·1 answer
  • What is the most likely reason an HR manager would seek to adjust the
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!