Tax homework | Operations Management homework help

Lou is an attorney and owns his law firm, which is operating as an S corporation. His W-2 information and Schedule K-1 from his law firm are as follows:Â Â Wages (box 1)=\$114,800.50Federal W/H (box 2)=\$15,000.14Social security wages (box 3)=\$114,800.50Social security W/H (box 4)=\$7,117.63Medicare wages (box 5)=\$114,800.50Medicare W/H (box 6)=\$1,664.61Â
Schedule K-1 from the law offices of Lou Girardi – Attorney at Law ID # 12-3456789 100% Owner Material participation:Line 1 Â Â = Â \$22,582.00 (ordinary business income)
Line 11 = Â \$22,582.00 (Â§ 179 deduction)Â
Joann is a full-time lecturer at Arizona State University. Her W-2 information from ASU is as follows:Â Wages (box 1)=\$65,000.00Federal W/H (box 2)=\$9,950.25Social security wages (box 3)=\$65,000.00Social security W/H (box 4)=\$4,030.00Medicare wages (box 5)=\$65,000.00Medicare W/H (box 6)=\$942.50

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Â The following are other income and expenses they received and incurred during the year:Â  Â IncomeÂ Â Dividend (qualified)\$666InterestÂ 765ExpensesÂ Â Real estate taxesÂ 7,836State sales taxÂ 1,629Mortgage interestÂ 32,562Charitable contributionÂ 2,598Â Â  Prepare the Girardisâ€™ federal tax return for 2016. Use Form 1040, and Schedules A, B, and E. Assume that the Girardis do not qualify for any credits (although they may). For any missing information, make reasonable assumptions. The taxpayers had qualifying health care coverage at all times during the tax year. (Assume no AMT although it may apply; Form 6251 or the AMT calculation is not required.) (List the names of the taxpayers in the order inÂ which theyÂ appear in the problem. Do not round intermediate computations. Input all the values as positive numbers.)

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Lou is an attorney and owns his law firm, which is operating as an S corporation. His W-2 information and Schedule K-1 from his law firm are as follows:Â Â Wages (box 1)=\$114,800.50Federal W/H (box 2)=\$15,000.14Social security wages (box 3)=\$114,800.50Social security W/H (box 4)=\$7,117.63Medicare wages (box 5)=\$114,800.50Medicare W/H (box 6)=\$1,664.61Â
Schedule K-1 from the law offices of Lou Girardi – Attorney at Law ID # 12-3456789 100% Owner Material participation:Line 1 Â Â = Â \$22,582.00 (ordinary business income)
Line 11 = Â \$22,582.00 (Â§ 179 deduction)Â
Joann is a full-time lecturer at Arizona State University. Her W-2 information from ASU is as follows:Â Wages (box 1)=\$65,000.00Federal W/H (box 2)=\$9,950.25Social security wages (box 3)=\$65,000.00Social security W/H (box 4)=\$4,030.00Medicare wages (box 5)=\$65,000.00Medicare W/H (box 6)=\$942.50

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Â The following are other income and expenses they received and incurred during the year:Â  Â IncomeÂ Â Dividend (qualified)\$666InterestÂ 765ExpensesÂ Â Real estate taxesÂ 7,836State sales taxÂ 1,629Mortgage interestÂ 32,562Charitable contributionÂ 2,598Â Â  Prepare the Girardisâ€™ federal tax return for 2016. Use Form 1040, and Schedules A, B, and E. Assume that the Girardis do not qualify for any credits (although they may). For any missing information, make reasonable assumptions. The taxpayers had qualifying health care coverage at all times during the tax year. (Assume no AMT although it may apply; Form 6251 or the AMT calculation is not required.) (List the names of the taxpayers in the order inÂ which theyÂ appear in the problem. Do not round intermediate computations. Input all the values as positive numbers.)

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Use the appropriate Tax Tables or Tax Rate Schedules.

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