Tax Problem: Victoria and Brad’s Social Security
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
Tax Problem: Victoria and Brad’s Social Security
George (445-42-5432) and Christina Campbell (993-43-9878) are married with two children, Victoria, 7, and Brad, 2. Victoria and Brad’s Social Security numbers are 446-75-4389 and 449-63-4172, respectively. They live at 10137 Briar Creek Lane, Tulsa, OK 74105. George is the district sales representative for Red Duck, a manufacturer of sportswear. The company treats him as an independent contractor. His principal job is to solicit orders of the company’s products from department stores in his territory, which includes Oklahoma and Arkansas. The company provides no office for him. Christina is a maker of fine quilts which she sells in selected shops in the surrounding area. The couple uses the cash method of accounting and reports on the calendar year. Their records for the year reveal the following information: 1. George earned $65,000 during the year and paid estimated taxes of $5,000. 2. Christina’s income and expenses of her quilting business, Crazy Quilts, include Quilt sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000
Costs of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600
Telephone (long-distance calls) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
Christina makes all of the quilts at home in a separate room that is used exclusively for her work. This room represents 10% of the total square footage of their home. Expenses related to operating the entire home include utilities, $2,000, and insur-ance, $500. Depreciation attributable solely to the home office is $800. Christina computes her deduction relating to use of her car using actual expenses, which included gas and oil, $900; insurance, $300; and repairs, $100. The car is fully de-preciated. Her daily diary revealed that, for the year, she had driven the car a total of 20,000 miles, including the following trips: Trip Description Home to sales outlets and return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,000 Miles
Between sales outlets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 Miles
Miscellaneous personal trips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8,000 Miles
- George incurs substantial expenses for travel and entertainment, including meals and lodging. This is the second year that George has used the standard mileage rate for computing his automobile expenses. During the year he drove 50,000 miles; 40,000 of these were directly related to business. Expenses for parking and tolls directly related to business were $90. Total meal and lodging costs for days that he was out of town overnight were $600 and $1,200, respectively. Entertainment expenses were $400. 4. This is George’s second marriage. He has one child, Ted (age 11), from his first marriage to Hazel, who has custody of the child. He provides more than 50% of the child’s support. The 2007 divorce agreement between George and Hazel provides that George is entitled to the exemption for Ted. George paid Hazel $4,800 during the year, $1,600 as alimony, and the remainder as child support. Ted’s Social Security number is 122-23-3221. 5. The couple’s other income and expenses included the following:
Dividends (IBM stock owned separately by George) . . . . . . . . . . . . . . . . . .400 Interest on redeemed Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700
Interest on City of Reno bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 566
Interest paid on home mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Real property taxes on home. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .900
Safety deposit box fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 State income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$4,000 6. Both taxpayers elect to give to the Presidential campaign fund.
Compute the couple’s tax liability for the year. If forms are used, complete Form 1040 for the year, including Schedules A, B, C, and SE. Ignore any alternative minimum tax.
George (445425432) and Christina Campbell (993439878) are married with two children, Victoria, 7, and Brad, 2. Victoria and Brad’s Social Security numbers are 446754389 and 449634172, respectively. They live at 10137 Briar Creek Lane, Tulsa, OK 74105. George is the district sales representative for Red Duck, a manufacturer of sportswear. The company treats him as an independent contractor. His principal job is to solicit orders of the company’s products from department stores in his territory, which includes Oklahoma and Arkansas. The company provides no office for him. Christina is a maker of fine quilts which she sells in selected shops in the surrounding area. The couple uses the cash method of accounting and reports on the calendar year. Their records for the year reveal the following information: 1. George earned $65,000 during the year and paid estimated taxes of $5,000. 2. Christina’s income and expenses of her quilting business, Crazy Quilts, include
Quilt sales . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,000
Costs of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
600
Telephone (long
–
distance calls) . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . .
.1
00
Christina makes all of the quilts at home in a separate room that is used exclusively for her work.
This room represents 10% of the total square footage of their home. Expenses related to
operating the entire home include utilities, $2,000, and insurance, $500. Depreciation
attributable solely to the home office is $800. Christina computes her deduction relating to use of her car using actual expenses, which included gas and oil, $900; insurance, $300; and repairs,
$100. The car is fully depreciated. Her daily diary revealed that, for the year, she had driven the
car a total of 20,000 miles, including the following trips: Trip Description Home to sales outlets and return . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . 10,000 Miles Between sales outlets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,000 Miles Miscellaneous personal trips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8,000 Miles
- George incurs substantial expenses for travel and entertainment, including meals and lodging.
This is the second year that George has used the standard mileage rate for computing his
automobile expenses. During the year he drove 50,000 miles; 40,000 of these were directly
related to business. Expenses for parking and tolls directly related to business were $90. Total
meal and lodging costs for days that he was out of town overnight were $600 and $1,200,respectively. Entertainment expenses were $400.
4
.This is George’s second marriage. He has one child, Ted (age 11), from his first marriage to
Hazel, who has custody of the child. He provides more than 50% of the child’s support. The
2007 divorce agreement between George and Hazel
provides that George is entitled to theexemption for Ted. George paid Hazel $4,800 during the year, $1,600 as alimony, and the
George (445-42-5432) and Christina Campbell (993-43-9878) are married with two children,
Victoria, 7, and Brad, 2. Victoria and Brad’s Social Security numbers are 446-75-4389 and 449-
63-4172, respectively. They live at 10137 Briar Creek Lane, Tulsa, OK 74105. George is the
district sales representative for Red Duck, a man-ufacturer of sportswear. The company treats
him as an independent contractor. His principal job is to solicit orders of the company’s products
from department stores in his territory, which includes Oklahoma and Arkansas. The company
provides no office for him. Christina is a maker of fine quilts which she sells in selected shops in
the surrounding area. The couple uses the cash method of accounting and reports on the calendar
year. Their records for the year reveal the following information: 1. George earned $65,000
during the year and paid estimated taxes of $5,000. 2. Christina’s income and expenses of her
quilting business, Crazy Quilts, include
Quilt sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000
Costs of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600
Telephone (long-distance calls) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
Christina makes all of the quilts at home in a separate room that is used exclusively for her work.
This room represents 10% of the total square footage of their home. Expenses related to
operating the entire home include utilities, $2,000, and insur-ance, $500. Depreciation
attributable solely to the home office is $800. Christina computes her deduction relating to use of
her car using actual expenses, which included gas and oil, $900; insurance, $300; and repairs,
$100. The car is fully de-preciated. Her daily diary revealed that, for the year, she had driven the
car a total of 20,000 miles, including the following trips:
Trip Description
Home to sales outlets and return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,000 Miles
Between sales outlets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 Miles
Miscellaneous personal trips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8,000 Miles
- George incurs substantial expenses for travel and entertainment, including meals and lodging.
This is the second year that George has used the standard mileage rate for computing his
automobile expenses. During the year he drove 50,000 miles; 40,000 of these were directly
related to business. Expenses for parking and tolls directly related to business were $90. Total
meal and lodging costs for days that he was out of town overnight were $600 and $1,200, respec-
tively. Entertainment expenses were $400.
- This is George’s second marriage. He has one child, Ted (age 11), from his first marriage to
Hazel, who has custody of the child. He provides more than 50% of the child’s support. The
2007 divorce agreement between George and Hazel provides that George is entitled to the
exemption for Ted. George paid Hazel $4,800 during the year, $1,600 as alimony, and the
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
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!!