Self-Employed Mergers & Acquisitions Consultant
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
Self-Employed Mergers & Acquisitions Consultant
Project Content INCOME TAX RETURN PROBLEM Jacqueline Lutz, SS # 079-83-1982, date of birth June 18, 1972, is a self-employed mergers & acquisitions consultant.
She uses the accrual method of accounting. Her principal business code number is 605720. Her business address is 370 Lexington Avenue, New York, N.Y., 10021.
Self-Employed Mergers & Acquisitions Consultant
During the year, she had the following business income and expenses: Income Professional Fees Earned $1,663,037 Expenses Taxes & Licenses $67,690 Meals and Entertainment – a $62,048 Bank Service Charges $2,209 Office Expenses $45,520 Rent on office space $119,003 Advertising $144,546 Insurance $59,032 Utilities $26,054 Depreciation on office equipment $32,620
Self-Employed Mergers & Acquisitions Consultant
Depreciation on furniture $20,024 Depreciation on computer equipment $45,065 Salaries $457,690 Interest on bank loan $7,035 Supplies $74,036 Bad Debts $18,356 Accounting Fees $126,580 Travel (2,055 miles driven) – b ? Sch. C, Line 24a Legal Fees $154,013 Repairs and Maintenance $38,155 Note:
Self-Employed Mergers & Acquisitions Consultant
Report the professional fees on lines 1, 3, 5, and 7 on Schedule C and report the expenses on the appropriate lines (8 through 27a) on Schedule C. You will also report the profit on Schedule 1 (attached), Line 12.
OTHER NOTABLE ITEMS Jacqueline received dividends from Mobil, Inc. of $365, British Petroleum, Inc. of $480, and Texaco Corp. of $472. She also received interest from her Capital One bank account in the amount of $1,771. These items are reported on Schedule
Self-Employed Mergers & Acquisitions Consultant
Her home address is 5700 Arlington Avenue, Bronx, NY, 10471. Her home secures a $625,000 mortgage. Jacqueline paid $6,533 in mortgage interest. Report this amount on lines 8a and 10 of Schedule A. Jacqueline gave $8,263 to Harvard Law School, and $6,337 to Brown University, her alma maters.
She also donated $1,779 to the ASPCA. Report the combined total on lines 11 and 14 of Schedule A. She incurred $26,024 of out of pocket medical expenses during the year, which included her health insurance premiums.
Self-Employed Mergers & Acquisitions Consultant
Report the deductible amount on line 4 of Schedule A. She made quarterly estimated federal tax payments during the year of $13,540 per quarter.
Report this amount on lines 8 and 14 of Schedule 1, then transfer this amount to Form 1040, Line 18d. She paid quarterly estimated state income tax payments of $5,924 per quarter & local income tax payments of $4,152 per quarter. She also paid $3,720 in real estate taxes on her home during the year.
Report the properly deductible amount on lines 5-7 of Schedule A. Remember the combined deductible amount for state & local taxes is limited to $10,000. Jacqueline is not married, and has no dependents.
a – Meals and Entertainment are only 50% deductible
b – Mileage is deductible at a rate of 57.5 cents ($0.575) per mile
REQUIRED:
Prepare Jacqueline’s 2020 Federal Income Tax Return. You will need the following schedules:
To prepare this return MANUALLY, you MUST follow this sequence:
Self-Employed Mergers & Acquisitions Consultant
Step1: Prepare Schedule C – Transfer profit to lines 3 and 9 of Schedule 1
Step 2: If Schedule C shows a profit, prepare Schedule SE.
Step 3: Transfer the amount on Line 5 of Schedule SE to Lines 4 and 10 of Schedule 2, and also Line 22 of Form 1040.
Step 4: Transfer the amount on Line 6 of Schedule SE to Lines 14 and 22 of Schedule 1, and also Line 8a of Form 1040.
Step 5: Then prepare Schedule B.
Step 6: Then prepare Form 1040 up to line 11.
Step 7: Then prepare Schedule A to determine whether your client should Itemize or take the standard deduction.
Step 8: After claiming the correct deduction (itemized or standard) amount, complete Form 1040.
Self-Employed Mergers & Acquisitions Consultant
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. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. 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. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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