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
emmainna [20.7K]
3 years ago
7

Prepare a 2019 individual tax return using the following fact pattern. Compute net tax payable or refund due for Alice and Bruce

Byrd for 2019.
Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their social security numbers are 123-45-6789 and 111-11-1111, respectively. Alice’s birthday is September 21, 1968 and Bruce’s is June 27, 1962. They live at 473 Revere Avenue, Newtown, NY 10187. Alice is the office manager for Ames Dental Clinic, 433 Broad Street. Newtown, NY 10187(employer identification number 98-7654321). Bruce is the manager of a Super Burgers fast-food outlet owned and operated by Plymouth Corporation, 1247 Central Avenue, Hauppauge, NY 11788(employer identification number 11-1111111). He is also a self -employed attorney and has a part time practice.
The following information is shown on their Wage and Tax Statements (Form W-2) for 2019.

Line Description Alice Bruce
1. Wages, tips and other compensation $52,600 $61,500
2. Federal income tax withheld 4,180 5,990
3. Social Security wages 52,600 61,500
4. Social Security tax withheld 3,261 3,813
5. Medicare wages and tips 52,600 61,500
6. Medicare tax withheld 763 892
15. State NY NY
16. State wages, tips, etc. 52,600 61,500
17. State income tax withheld 2,280 2,990





The following information is for Bruce’s law practice:
Income $60,000
Utilities… $3,000
Rent $12,000
Supplies…. $5,000
Salaries $10,000
Disbursements… $3,000
The Byrds support their two children, Cynthia (born January 15, 2006, Social Security number 123-45-6788) and John (born February 7, 2008, Social Security number 123-45-6786)..

During 2019, the Byrds furnished 60% of the total support of Bruce’s widower father, Sam Byrd (born March 6, 1934, Social Security number 123-45-6787). Sam lived alone and covered the rest of his support with his social security benefits. Sam died in November and Bruce, the beneficiary of a policy on Sam’s life, received life insurance proceeds of $600,000 on December 28th.
The Byrds had the following expenses relating to their personal residence during 2019:

Property taxes $10,720
Qualified interest on home mortgage 9,130
Repairs to roof 4,780
Utilities 3,810
Fire and theft insurance 2,290

The following facts relate to medical expenses for 2019:

Medical insurance premiums $4,380
Doctor bill for Sam incurred in 2018 and not paid until 2019 7,760
Operation for Sam 7,310
Prescription medicines for Sam 860
Hospital expenses for Sam 2,850
Reimbursement from insurance company, received in 2019 3,000

The medical expenses for Sam represent most of the 60% Bruce contributed toward his father’s support.

They also engaged in a few stock transactions. They sold 100 shares of Green Company Stock for $10,000 on February 15, 2019. Their cost basis is $2,000. They had purchased the stock on March 15, 2009. They sold 50 shares of Orange Company Stock for $8,000 on March 3, 2019. They had purchased the stock on December 20, 2018 for $12,000.
Other relevant information follows:

• When they filed their 2018 state return in 2019, the Byrds paid additional state income taxes of $950.
• During 2019, Alice and Bruce attended a dinner dance sponsored by the Ames Police Disability Association (a qualified charitable organization). The Byrds paid $400 for the tickets. The cost of comparable entertainment would normally be $160.
• The Byrds contributed $4,800 to Ames Presbyterian Church and gave used clothing(cost of $1,100 and fair market value of $450) to the Salvation Army. All donations are supported by receipts and are in very good condition.
• In 2019, the Byrds received interest income of $2,695, which was reported on a Form 1099-INT from Second National Bank.
• Bruce paid $320 for an annual subscription to the Journal of Franchise Management.


Instructions:
Prepare a 2019 Form 1040. All corresponding schedules are required. The return may be prepared with any tax software as long as it is current. It must be typed
Business
1 answer:
Lana71 [14]3 years ago
4 0

Answer:

Oof thats a long question.

Explanation:

You might be interested in
A ________ is an agricultural based community in which a number of families live in close proximity to each other, with fields s
aksik [14]
<span>Cluster of rural settlements </span>
3 0
3 years ago
*<br> What items make an Water based stain?
kumpel [21]

Answer:

rust + vinegar = silver gray to black; chewing tobacco + ammonia + water = brown; walnut husks

Explanation:

4 0
3 years ago
Last year, Kurt invested $1,000 in ABC stock, $1,000 in long-term government bonds, and $1,000 in U.S. Treasury bills. Over the
marin [14]

Answer:

6%

Explanation:

3 0
3 years ago
If over a short time there is an increase in the number of people retired and a decrease in the number of people working, then p
lesantik [10]

Answer:

a. rises but real GDP per person falls

Explanation:

Gross domestic product is the total monetary value of output that is produced by an economy in a given period.

GDP increases as the income increases. This is because people have more money to spend on goods and services.

So if people are retiring they will earn pension that will be spent. This increases productivity of the economy.

However since the number of people working is reducing there will be a reduction in real GDP per person. Only few people are producing and output will be allocated to a large population many of whom are not working.

6 0
3 years ago
Describe in detail the goals you have for this unit. 2. describe how this unit will help you in your professional development .
egoroff_w [7]
I fjjrheyjyjyjrybegfvqvdgdhtbey
6 0
3 years ago
Other questions:
  • In thinking about the "color of money," which color would correspond to a new video game system charged on a credit card when yo
    5·2 answers
  • ____ describes the period of time in a twenty-four-hour period that is spent at work.
    9·2 answers
  • Consider the following list of items: Food Electric bill Clothing Health insurance These are all examples of:
    5·2 answers
  • The marginal prospensity is to consume 0.75, marginal prospensity to invest is 0.3 and the marginal prospensity to import is 0.2
    10·1 answer
  • Which of the following would NOT be considered an investment in human capital?
    15·1 answer
  • According to the Florentine humanist, Leonardo Bruni, history should be studied first (after a mastery of Latin grammar) because
    11·1 answer
  • Suppose that $1 lottery tickets have the following probabilities and values: 1 in 5 to win a free ticket (worth $1), 1 in 100 to
    10·1 answer
  • During the taking of its physical inventory on December 31,2008, Genesis company incorrectly counted its inventory as $126,000 i
    9·1 answer
  • Bank Reconciliation Statement is prepared<br> by:
    6·1 answer
  • After salesperson Danny O'Reilly has made a sale, he asks his customer if she knows of anyone else who might also be interested
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!