Lorenzo and Laura Financial Analysis Case Discussion
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Lorenzo and Laura Financial Analysis Case Discussion
Lorenzo and Laura are married and have one child, Lorena, who is 19 and lived at home all year. Lorena is currently working at EP Fitness and earned $7,800 from personal training. She is currently not attending school, but may start at UTEP next year. The Lopez’s also support Lorenzo’s father, Jesus who lives in a small apartment down the street. Jesus earned $3,500 this year from Leo’s Restaurant and Lorenzo pays most of his bills (food, rent, etc.) for $2,000 per month.
Lorenzo works as a medical technician for the Internal Medicine, Inc (see W-2 information). Lorenzo also won $4,250 in a tennis tournament at Tennis West. Laura is a nurse practitioner and works at Canutillo Urgent Care (see W-2 information).
She was unemployed earlier in the year and received $3,927 of unemployment compensation. Lorenzo and Laura own their home and pay interest (see next page) on their home loan (balance of $325,000, original loan was on 1/12/2016 for $387,000) and a personal loan to pay for two cars they own for $56,000. Lorenzo and Laura want to file either married filing jointly or married filing separately, whichever is best for tax purposes. Based on this information and the information below, prepare Lorenzo and Laura’s 2019 Federal tax return.
The Lopez’s do not want to contribute to the presidential election campaign.
- The Lopez’s live at 2323 Valley Acres Ave, El Paso, TX 79922
- Lorenzo’s birthday is 9/22/1975 and his Social Security number is 542-11-3119
- Laura’s birthday is 11/14/1979 and her Social Security number is 553-23-7447
- Lorena’s birthday is 2/11/2000 and her Social Security number is 532-98-5131
- Jesus Lopez’s birthday is 3/4/1955 and his Social Security #is 522-14-0071
- The Lopez’s do not have any foreign bank accounts or trusts
- The Lopez’s did not have any transactions with virtual currency
- Do not consider AMT tax for this tax return
- A $500 credit is available for dependents claimed on the tax return over 18 years’ old (Line 13a) The Lopez’s have summarized the income and expenses they expect to report this year as follows:
a). Lorenzo’s W2 Information: Salary $ 70,689 Federal income tax withheld 8,890 State income tax withheld 0 Social Security tax withheld 4,383 Medicare tax withheld 1,025
b). Laura’s W2 Information $ 47,909 Federal income tax withheld 5,900 State income tax withheld 0 Social Security tax withheld 2,970 Medicare tax withheld 695
c). Interest income from bank account at Bank of America 1,560 Ordinary Dividend income from Hocking Stock 2,775 Tax exempt interest income from Ft Davis City municipal bond funds 987
Expenditures: Sales taxes paid in 2019 (Lorenzo keeps receipts) 1,290 Real estate taxes paid on residence 9,504 Automobile (personal property) license tax (based on value) 540 Home mortgage interest paid 15,862 Interest paid on Discover Credit Card 537 Interest paid on loan for autos 3,575 Medical Expenses (unreimbursed) 9,086 Laura’s Medical Prescriptions 1,565 Lorena’s gym membership 1,029 Tax Preparation fees 1,750 Cash contributions to Mayor Margo election campaign 1,150 Cash contributions to the Rescue Mission (Lorenzo has receipts) 2,675
Please complete Form 1040, Schedule 1, possibly Schedule A (you need to determine if schedule A is needed – are your allowed itemized deductions greater than the standard deduction), and Schedule B.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. 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