H & r block | Accounting homework help

I have H & R Block Assignment.

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

Tax Return Problem – Decision Making – Communications  Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane’s Social Security number is 123-45-6789. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane had health insurance for all months of 2016. During 2016, Jane had the following income and expense items:

  1. $100,000 salary from Legal Services, Inc.
     
  2. $20,000 gross receipts from her typing services business.
     
  3. $700 interest income from Third National Bank.
     
  4. $1,000 Christmas bonus from Legal Services, Inc.
     
  5. $60,000 life insurance proceeds on the death of her sister.
     
  6. $5,000 check given to her by her wealthy aunt.
     
  7. $100 won in a bingo game.
     
  8. Expenses connected with the typing service:
        Office rent $7,000   Supplies 4,400   Utilities and telephone 4,680   Wages to part-time typists 5,000   Payroll taxes 500   Equipment rentals 3,000     
  9. $9,500 interest expense on a home mortgage (paid to San Jose Savings and Loan).
     
  10. $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2016. Jane had paid $14,000 for the silverware on July 1, 2007. She was reimbursed $1,500 by her insurance company.
     
  11. Jane had loaned $2,100 to a friend, Joan Jensen, on June 3, 2013. Joan declared bankruptcy on August 14, 2016, and was unable to repay the loan. Assume that the loan is a bona fide debt.
     
  12. Legal Services, Inc., withheld Federal income tax of $16,000 and the appropriate amount of FICA tax from her wages.
     
  13. Alimony of $10,000 received from her former husband, Ted Smith.
     
  14. Interest income of $800 on City of Boca Raton bonds.
     
  15. Jane made estimated Federal tax payments of $1,000.
     
  16. Sales taxes from the sales tax table of $946.
     
  17. Property taxes on her residence of $1,100.
     
  18. Charitable contribution of $2,500 to her alma mater, Citrus State College.
     
  19. On November 1, 2016, Jane was involved in an automobile accident. At the time of the accident, Jane’s automobile had an FMV of $45,000. After the accident, the automobile’s FMV was $38,000. Jane acquired the car on May 2, 2015 at a cost of $52,000. Jane’s car was covered by insurance, but because the policy had a $5,000 deduction clause, Jane decided not to file a claim for the damage.

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
Open chat
1
Order through WhatsApp!
nursingesssayswritings.com
Hello!
You Can Now Place your Order through WhatsApp

Order your essay today and save 30% with the discount code ESSAYHELP2