Acct tax questions. Acct tax questions. Use the tax formula as a structure for your answer. (We’re using current tax formula in book Prentice-Hall’s Federal Taxation 2014 Pope, Thomas R. Pearson 2014) You need not use a tax return form. You should not use a tax computation service for this problem completion, solve each part, you should break this problem into small parts, solve each part, explain work/answers.
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I had trouble uploading my document, so here’s the problem. Use the tax formula as a structure for your answer. (We’re using current tax formula in book Prentice-Hall’s Federal Taxation 2014 Pope, Thomas R. Pearson 2014) You need not use a tax return form. You should not use a tax computation service for this problem completion, solve each part, you should break this problem into small parts, solve each part, explain work/answers. 1) Johnson receives a $7,800 reimbursement for the travel expenses. He did not receive any reimbursement for the auto expense. He uses his personal automobile 80% for business use and placed his current automobile in service on October 1, 2008. Total business miles driven during the year (evenly throughout the year)amount to 26,400, his commuting miles in 2012amount to 2,000 (average daily round trip of 7 miles), and other personal milesamount to 4,600 miles. Johnson’s AGI is $60,000, and he has no other miscellaneous itemized deductions. a. Calculate Johnson’s expense deduction using the 2012 Form 2106 (Employee Business Expenses) based on actual automobile expenses and other employee business expenses. b. Calculate Johnson’s expense deduction for 2012 using the standard mileage rate method and other employee business expenses. (Assume that none of the restrictions on the use of the standard mileage rate method are applicable.) 2) George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2012 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received asalary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement from Toyboat of $5,000 to cover his employee business expenses. George must make an adequate accounting to his employer and return any excess reimbursement, none of the reimbursement was related to the meals and entertainment. Additionally, Toyboat provides George with medical insurance worth $7, 200 per year. George drove his car total of 24,000 miles during the year, and he placed the car in service on June 1, 2010. His log indicates that 18,000 miles were for sale calls to customers at the customers’ offices and the remainder was personal mileage. George uses the standard mileage rate method. Assume his business miles were driven evenly during the year. George is a college basketball fan. He purchasedtwo season tickets for a total of $4,000. He takes a customer to every game, and they discuss some business before, during, and after the games. George also takes clients to business lunches. His log indicates that he spent $1,500 on these business meals. George also took afive-day trip to the Toyboat headquarters in Musty, Ohio. He was so well-prepared that he finished his business inthree days, so he spent the othertwo days sightseeing. He had the following expenses during each of thefive days of his trip: Airfare $200 Lodging $85/day Meals $50/day Taxicabs $20/day 3) Marge Large is self-employed. She repairs rubber toy boats in the basement of their home, which is 25% of the house’s square footage. The business code is 811490. She had the following income and expenses: Income from rubber toy boat repairs $15,000 Cost of supplies 5,000 Contract labor 3,500 Long- distancephone calls (business) 500 The Large’s home cost a total of $150,000, of which the cost of the land was $20,000. The FMV of the house is $225,000. The house is depreciable over 39-year recovery period. The Larges incurred the following total other expenses: Utility bills for the house $2,000 Real estate taxes 2,500 Mortgage interest 4,500 Cash charitable contributions 3,500 Prepare Form 1040, Schedules A, C, and SE for Form 1040, and Forms 2106 and 8829 for the 2012 year. (Assume no depreciation for this problem and that no estimated taxes were paid by the Larges.)
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