Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and...
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Accounting
Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio.
Mary's salary $105,000 (Federal Income Tax withheld 12,400, State Income Tax withheld 4,850) |
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Nebraska Bonds 350
. Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2018:
Date Sale Purchase Sale Price Nebraska Bonds 03/14/18 10/22/07 $10,000 $ 80 $1,710 Cassill Corporation Stock 10/18/18 02/19/17 $8,900 $ 450 $9,630
They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2018 they received 50 shares of General Dynamics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2018 was $33.50 per share.
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Rental Income | 35,000 | ||||
Rental Expenses Insurance 1,548 Repairs and Maintenance 7,878 Mortgage Interest 8,586 Property Taxes 3,890 Depreciation Expense 12,878 |
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Consulting Income Expenses: Travel 10,500 Meals 1,000 Conferences 1,500 Office Expenses 7,500 Payroll Tax Expense 1,498 Wages for Office Assistance 18,000 | 84,000
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Thomas and Mary also paid $10,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes.
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Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2018
I am expecting the following forms to be completed: 1040 Schedules A, C, D, E, and SE. 1, 2
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