Tax Professional With H&R Block Discussion Paper
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 Professional With H&R Block Discussion Paper
Question Description
You are a newly-hired tax professional with H&R Block. It’s April 13, 2021, and the Hoang family has come to you asking for you to do their taxes. Based on the following information: calculate their gross income, AGI, Caroline’s self-employment tax and Section 199A deduction and taxable income – in addition to filling out all necessary tax forms for their tax filing, which is due on April 15, 2021. Background: Joe and Caroline Hoang are married U.S. citizens and both are 48 years old. They live in Arlington, Va.
They have three children Leia, Harrison, and Rey for whom they provide over half of their support (somewhat reluctantly). Leia is 23 and a full-time student American University – she lives on campus in one of the dorms. She hopes to graduate soon and join the Peace Corp. She earned $4,500 from a summer internship with Amnesty International. Harrison is 19 and applying to colleges after taking a year off between high school and college. He earned $6,200 in part-time work driving for Uber in 2020.
He would have earned more if he had his own car. On the other hand, Rey is 14 and in high school. She has a strong entrepreneurial spirit and wants to be a venture capitalist someday. In the meantime, Rey has a thriving neighborhood babysitting and pet sitting business (Rey’s In-Home Kiddo and Pet Services). In 2020, she had earnings of $6,000 from her business. Disregard necessary alternative minimum tax calculations. Round all calculations to the nearest dollar.
Assume Joe had $15,000 of wages withheld from his paychecks and Caroline made quarterly estimated payments amounting to $4,000. Disregard the applicable failure to pay penalty and its associated interest. 1) Joe returned to work in August 2020 after staying home with the kids has $60,000 in wages from his new employer, Anderson Consulting. 2) Caroline is self-employed as realtor in Arlington on a full-time basis. Caroline works from an office space she leases from Coldwell Banker, not out of their home. Information about her business is determined below.
Gross Receipts from commissions $80,000 Ordinary and Necessary Business Expenses $40,000 Total Meals and Entertainment Expenses (not included above) $12,000 Note: Caroline’s ordinary and necessary business expenses can be separated as follows: 25% for legal and professional services, 25% for office expenses, 25% for utilities, 25% for rent of other business property. 3) Joe and Caroline have investments which generate the following items: Wells Fargo Bank Savings Interest $5,000 Virginia State Bond Interest $1,000 United States Treasury Note Interest $4,000 4) Joe has a side business of building and developing board games that the IRS has characterized as a “hobby” for tax purposes.
The information for this “hobby” is as follows: Gross Receipts from customers $10,000 Ordinary and Necessary Business Expenses $15,000 5) Joe and Caroline have the following personal expenses: Medical expenses $10,000 Deductible state and local taxes $12,000 Deductible Mortgage Interest on their home $9,000 Deductible charitable contributions $2,000 6) In 2019, Joe and Caroline had a combined AGI of $100K
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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