Spock+Family+In-class+Comprehensive+Exercise - Exercise Number Three(SelEmponment Income Forms Included Form 1040 Schedule C Schedule B Schedule SE Form

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Unformatted text preview: Exercise Number Three (SelﬁEmponment Income) Forms Included: Form 1040, Schedule C, Schedule B, Schedule SE, Form 4562 Client’s Social Security Number Filing Status Taxpayer’s Date of Birth Spouse’s Date of Birth Neither Taxpayer nor Spouse is Blind or Deceased Client’s First Name, Initial, and Last Name Secondary First Name, Initial, and Last Name Secondary SSN Street Address Zip Code Daytime Telephone Taxpayer’s Occupation Secondary’s Occupation Dependent Information Name: Date of Birth: Dependent SSN: Relationship: Lived in home: Name: Date of Birth: Dependent SSN: Relationship: Lived in home: Healthcare Information: Ashley B. Spock 05/03/2000 400-00—3287 Daughter 12 Months Morgan A. Spock 06/10/2003 400—00-2144 Daughter 12 Months Taxpayer and family have minimum essential healthcare coverage through taxpayer’s employer. No health insurance was purchased through the marketplace/exchange. 400-00—4705 Married FilingJoint 03/01/1954 01/15/1956 Richard D. Spock Meredith S. Spock 400-00-4706 3109 Greenbrier Street 30906 (Augusta, Georgia) 706—868-0985 Professor Business Owner W-Z Information Taxpayer Employer Identification Number Employer Name/Address Wages Federal Withholding State . State ID Number State Wages State Tax Withheld State Number Two State ID Number State Wages State Tax Withheld Schedule B Information: Tax-Exempt Interest Payer’s Name Interest Income Other 1099’s Payer’s Name Regular Interest Payer’s Name Regular Interest Schedule C Information: Spouse Principal Business Category Business Code Business Name Employer ID Number: Business Address- (Page 2) State of Georgia 3500.00 Bank of America 265.00 Exercise Number Three l l 58-5478124 Augusta State University 2100 Central Avenue ’ Augusta, GA 30906 88200.00 9020.00 GA 289741520 86100.00 9210.00 SC 216543210 2100.00 200.00 CSRA Federal Credit Union 1020.00 Retail Tra de 443120 — Computer and Software Stores Microstuff 58—9638521 529 Heard Avenue Augusta, GA 30906 Leave all Schedule C Questions to the Default Answers Schedule C Income Figures Gross Receipts or Sales 46950.00 Returns & Allowances 550.00 Cost of Goods Sold Inventory at Beginning of Year 32600.00 Purchases Less Cost of Items 26900.00 Inventory at End of Year 37350.00 Exercise Number Three (Page 3) Schedule C Expenses Advertising 3500.00 Car & Truck (Std. Mileage Rate) Date Placed in Service 01/01/12 Total Business Miles 4400 Total Commuting Miles 3210 Total Other Personal Miles 10120 All Vehicle Questions should be answered ”YES” Depreciation Choose ”Depreciation Module” Assets Computer ‘ Date Placed in Service 01/01/ 12 Cost 2600.00 Percentage of Business Use 100 % No Section 179 Deduction Accumulated Depreciation 1352.00 Depreciation Method MACRS 5 Year — 200% Insurance -(0ther than Health) 800.00 Rent Property 12000.00 Supplies 630.00 Utilities 1200.00 Schedule A — Itemized Deductions Taxes Paid State and Local Tax from W-Zs $9,410 Real Estate Taxes $2850 Personal Property Taxes Ad Valorem - Auto Tags $420 Home Mortgage Interest from Form 1098 $9780 Gifts to Charity Church (by checks) $4,010 Salvation Army (clothes, etc.) $386 Deductions Subject to 2% Tax Return Prep $410 Safe Deposit Box $240 E 1 040 Department of the Treasury—Internal Revenue Service (99) 2 © 1 4 LE U.S. lndiVidual Income Tax Return OMB No. 1545—0074 IRS Use Only—Do not write or staple in this space. For the year Jan. 1—Dec. 31, 2014, or other tax year beginning , 2014, ending , 20 See separate instructions. Your first name and initial Last name ' Your social security number if a joint return, spouse's first name and initial Last name Spouse's social security number Home address (number and street). If you have a PO. box, see instructions. Apt. no. A Make sure the SSN(s) above and on line 60 are correct. City, town or post office, state, and ZIP code. if you have a foreign address, also complete spaces below (see instructions). presidential Election Campaign Check here if you, or your spouse If tiling . . . jointly. want $3 to go to this fund. Checking Foreign COUNTY name Foreign provmce/ state/ county Foreign DOSE} code a box below will not change your tax or refund. C] You E] Spouse Filing Status 1 i] Single 4 D Head of household (with qualifying person). (See instructions.) If 2 D Married filing jointly (even if only one had income) the qualifying person is a child but not your dependent, enter this Check only one 3 [:1 Married filing separately. Enter spouse's SSN above Child's name hem > b0X. and full name here. > 5 D Qualifying widow(er) with dependent child - 6a Yourself. If someo e ca 0 a' ou de d o . . . . . Boxes Cheeked Exemptions a n n l Im y as a pendent. o n t check box Be on 68 and 6b b Spouse , , . >. . . . . . . . . . . . . . (.1) ,/ f hm. d .1 . . N°_°fch"dren — : 2 D - . i c i un erage17 on6c who: 0 Dependents ( ) ependents retztigrist‘iigdtzngu qualifying for child tax credit - lived with you (1) First name Last name social security number (see instructions) . did not live with you due to divorce or separation (see instructions) if more than four dependents, see instructions and check here > El Dependents on 6c not entered above . . Add numbers on d Total numberotexempttonsclaimed . . . . . . . . . . . . . . . . . Iinesabove} Dii I 7 Wages, salaries, tips, etc. Attach Form(s) W-2 -— ncome _ » 8a Taxable interest. Attach Schedule B if required a— b Tax-exempt interest. Do not include on line 8a . . . 8b Attach Form(s) . . . . . w_2 here. Also 9a Ordinary dividends. Attach Schedule B if requured . . attach Forms b Qualified dwtdends . . . . . . . . . . . 9b W-ZG and 10 Taxable refunds, credits, or offsets of state and local income taxes 1099'“ if tax 11 Alimony received . was WIthheld' 12 Business income or (loss). Attach ScheduleCor C-EZ . . . . . . 13 Capital gain or (loss). Attach Schedule D it required. If not required, check here D D If ytoqu/Idznot 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . geee i‘nstructions. 15a IRA distributions . 153 b Taxable amount 16a Pensions and annuities H b Taxable amount 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 18 Farm income or (loss). Attach Schedule F . 19 Unemployment compensation 20a Social security benefits 20a i I b Taxable amount 21 Other income. List type and amount _____________________________________________________________ 22 Combine the amounts in the far right column for lines 7 through 21. This is your total income > N —L _L _n. _L —L (O N J} —I _ 23 Educator expenses . . . . . . . . . Adjusted . 24 Certain business expenses of reservists, performing artists, and Gross fee-basis government officials. Attach Form 2106 or 2106-EZ Income 25 Health savings account deduction. Attach Form 8889 26 Moving expenses. Attach Form 3903 ’. . . . . 27 Deductible part of self-employment tax. Attach Schedule SE . 28 Self-employed SEP, SIMPLE, and qualified plans 29 Self—employed health insurance deduction 30 Penalty on early withdrawal of savings . 31a Alimony paid b Recipient's SSN > i l 32 IRA deduction . 33 Student loan interest deduction . 34 Tuition and fees. Attach Form 8917. 35 Domestic production activities deduction. Attach Form 8903 36 Addline523through35. . . . . . . . . . 37 Subtract line 36 from line 22. This is your adjusted gross income For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 113203 Form 1040 (2014) Hﬂﬁﬁﬁﬁﬁﬁﬂﬁﬁﬂﬁ ‘1 " IIIIIIIIIII-I —Desrgnee Form 1040 (2014) 38 Tax and 39" Credits Standard Deduction for— 0 People who check any box on line 39a or 39b or who can be claimed as a dependent, see instructions. 0 All others: Single or Married filing separately, $6,200 Married filing jointly or Qualifyin widow(er , $12,400 Head of household, $9,100 Page 2 Amount from line 37 (adjusted gross income) . . . . . . Check I C] You were born before January 2, 1950, I: Blind. Total boxes I if: D Spouse was born before January 2, 1950, El Blind. checked > 39a If your spouse itemizes on a separate return or you were a dual-status alien, check here» 39bE] Itemized deductions (from Schedule A) or your standard deduction (see left margin) Subtractline40fromline38 . . . . . . . . . . . . . . . . . . . Exemptions. If line 38 is $152,525 or less, rrultiply $3,950 by the rmber on line 6d. Otherwise, see instructions Taxable income. Subtract line 42 from line 41. if line 42 is more than line 41, enter -0- Tax (see instructions). Check if any from: a [:I Form(s) 8814 b E) Form 4972 c [:1 Alternative minimum tax (see instructions). Attach Form 6251 Excess advance premium tax credit repayment. Attach Form 8962 Add lines 44, 45, and 46 . . . . . . . Foreign tax credit. Attach Form 1116 if required . Credit for child and dependent care expenses. Attach Form 2441 Education credits from Form 8863, line 19 Retirement savings contributions credit. Attach Form 8880 Child tax credit. Attach Schedule 8812, if required. Residential energy credits. Attach Form 5695 . . . . Other credits from Form: a D 3800 b 1:] 8801 c [:1 Add lines 48 through 54. These are your total credits . . Subtract line 55 from line 47. If line 55 is more than line 47, enter ~0- hp: III IE IE! Ill IE IE " IIIIIII' ‘ Self-employment tax. Attach Schedule SE . . . . b [I 8919 . . . . 57 Other 58 Unreported social security and Medicare tax from Form: a E] 4137 m Taxes 59 Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required a 60a Household employment taxes from Schedule H E b First—time homebuyer credit repayment. Attach Form 5405 if required m 61 Health care: individual responsibility (see instructions) Full-year coverage D . m 62 Taxes from: a 1:] Form 8959 b E] Form 8960 c [:I instructions; enter code(3) E 63 Add lines 56 through 62. Thisi_syour total tax . . . . . . . . . . . . . P Payments 64 Federal income tax withheld from Forms W—2 and 1099 65 If you have a 66a qualifying child, attach 2014 estimated tax payments and amount applied from 2013 return Earned income credit (EIC) Nontaxable combat pay election J} 66b Amount 78 Schedule EIC. ' 67 Additional child tax credit. Attach Schedule 8812 68 American opportunity credit from Form 8863, line 8 69 Net premium tax credit. Attach Form 8962 . 70 Amount paid with request for extension to file 71 Excess social security and tier 1 RRTA tax withheld 72 ' Credit for federal tax on fuels. Attach Form 4136 73 Credits from Form: a E] 2439 b 74 Add lines 64, 65, 66a, and 67 through 73. These are your total payments , 74 Refund 75 If line 74 is more than line 63, subtract line 63 from line 74..This is the amount you overpaid 75 76a Amount of line 75 you want refunded to you. if Form 8888 is attached. check here . > 1:] -— Direct deposit? ' b Routing number >cType: I:I Checking El Savings $68 _ b d Account number I I I I I I I I mStrucnons' 77 Amount of line 75 you want applied to your 2015 estimated tax > I 77 I I_ Amount you owe. Subtract line 74 from line 63. For details on how to pay, see instructions > RN, enter it You owe 79 > Estimated tax penalty (see instructions) . . . . . . . 79 Third Party Do you want to allow another person to discuss this return with the IRS (see instructions)? ‘ I] Yes. Complete below, |:I No ' Designee's Phone Personal identification name 5 no. 7 numbertPth P Sign Under penalties of perjury, I declare that l have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, H they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. ere Your signature Your occupation Daytime phone number Joint return? See instructions. . _ ' Keep a copy for Spouse’s signature. If a joint return, both must sign. Spouse‘s occupation lfthelRSsent you anldentity Protection your records. Paid Preparer Use Only Print/Type preparer's name Firm's name > Firm's address > here seeinst. PTIN ‘ ' 1 Preparersstgna ure Check Bit sell—employed Firm's ElN > Phone no. Form 1040 (2014) OMB No. 1545—0074 2©14 SCHEDULE B (Form1040Aor1040) Interest and Ordinary Dividends > Attach to Form 1040A or 1040. Department of the Treasury , _ , _ , , Attachment Internal Revenue Service (99) > Information about Schedule B and Its Instructions Is at . Sequence No. 08 Name(s) shown on return , I I Your social security number Part I 1 List name of payer. If any interest is from a seller-financed mortgage and the Amount buyer used the property as a personal residence, see instructions on back and list lntereSt this interest first. Also, show that buyer’s social security number and address > - (See instructions on back and the instructions for ........................................................................... ,_ _____ Form 1040A, or __ ________________________________________________________________________________________ Form 1040, line 8a.) Note. If you ............................................................................................................... received a Form _______________________________________________________________________________________________________________ 1099—INT, Form 1099-OID, or substitute statement from _______________________________________________________________________________________________________________ _ a brokerage firm, _______________________________________________________________________________________________________________ list the firm's name aséhet 2 Add the amounts on |ine1 . . . . . . . . . . . . . . . . . . n ['1 31a: it; has; 3 Excludable interest on series EE and | US. savings bonds issued after 1989. shownonthat Attach Form8815. . . . . . . -, . . . . . . . . . . . . . form- 4 Subtract line 3 from line 2. Enter the result here and on Form 1040A, or Form 1040,Iine8a.....................> Note. If line 4 is over $1,500, ou must com-lete Part III. Amount Part || 5 List name ofpayer> __ ______________________________________________________ Ordinary Dividends (See instructions on back and the instructions for Form 1040A, or Form 1040, line 9a.) Note. If you received a Form 1099—DIV or substitute statement from a brokerage firm, list the firm's name as the ............................................................................................................... payer and enter _______________________________________________________________________________________________________________ magmgéyhown 6 Add the amounts on line 5. Enter the total here and on Form 1040A, or Form on that form. 1040, line 98. . . . . . . . . . . . . . . . . . . . > 6 Note. If line 6 is over $1,500, ou must com-lete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a ———fereigrraecounirottc)leCEDLEd—aﬁl51fibution from, or were a grantor of, or a transferor to, a foreign trust. Yes Part III 7a At any time during 2014, did you have a financial interest in or signature authority over a financial . account (such as a bank account, securities account, or brokerage account) located in a foreign Forelgn country? See instructions A co n c u ts If “Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial and TrUStS Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 (See and its instructions forfiling requirements and exceptions to those requirements . . E‘sgift'ons 0" b If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located > __________________________________________________________________________________________ 8 During 2014, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If “Yes," you may have to file Form 3520. See instructions on back . For Paperwork Reduction Act Notice, see your tax return instructions. Cat- NO- 17145N SGNBdl-Ile 3 (Form 1040A of 1040) 2014 SCHEDULE C (Form 1040) Department of the Treasury Internal Revenue Service (99) Name of proprietor OMB No. 1545-0074 2©14 Profit or Loss From Business (Sole Proprietorship) > Information about Schedule C and its separate instructions is at . Attachment > Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form 1065. Sequence No. 09 Social security number (SSN) A Principal business or profession, including product or service (see instructions) V C Business name. If no separate business name, leave blank. D Employer ID number (EIN), (see instr.) E Business address (including suite or room no.) > _________________________ City, town or post office, state, and ZIP code -------------------------------------------------------------- F Accounting method: (1) [3 Cash (2) EIAccrual (3) [3 Other (specify) > _____________________________________________________________ G Did you "materially participate" in the operation of this business during 2014? If "No," see instructions for limit on losses . 1:] Yes 1:] NB H lf you started or acquired this business during 2014, check here . . . . . . . . . . . . . . . . . > D I Did you make any payments in 2014 that would require you to file Form(s) 1099? (see instructions) . . . . . . . . El Yes El N0 J lf "Yes," did ou or will ou file reuired Forms 1099? El Yes El N0 10 11 12 13 14 15 16 17 28 29 30 31 32 Gross receipts or sales. See instructions for line 1 and check the box if this Income was reported to you on Form W-2 and the “Statutory employee" box on that form was checked . . . . . . . .> 1:] Returns and allowances . Subtract line 2 from line 1 Cost of goods sold (from line 42) Gross profit. Subtract line 4 from line 3 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) . Gross income. Add lines 5 and 6 . 18 Office expense (see instructions) 19 Pension and profit-sharing plans 20 Rent or lease (see instructions): a Vehicles, machinery, and equipment b Other business property 21 Repairs and maintenance . 22 Supplies (not included in Part III) 23 Taxes and licenses . 24 Travel, meals, and entertainment: a Travel . Advertising.s Car and truck expenses (see instructions). Commissions and fees Contract labor (see instructions) Depletion . Depreciation and section 179 expense deduction (not included in Part ill) (see instructions). Employee benefit programs (other than on line 19). Insurance (other than health) Interest: Mortgage (paid to banks, etc.) Other . Legal and professional services Total expenses before expenses for business use of home. Add lines 8 through 27a . . . . . . P Tentative profit or (loss). Subtract line 28 from line 7 . Expenses for business use of your home. Do not report'these expenses elsewhere. Attach Form 8829 unless using the simplified method (see instructions). Simplified method filers only: enter the total square footage of: (a) your home: and (b) the part of your home used for business: . Use the Simplified b Deductible meals and entertainment (see instructions) 25 Utilities . 26 Wages (less employment credits) . 273 Other expenses (from line 48) . b Reserved for future use . q n) Net profit or (loss). Subtract line 30 from line 29. 0 If a profit, enter on both Form 1040, line 12 (or Form 1040NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1, see instructions). Estates and trusts, enter on Form 1041, line 3. 0 if a loss, you must go to line 32. If you have a loss, check the box that describes your investment in this activity (see instructions). ‘9 5’1 5' .5 0 If you checked 32a, enter the loss on both Form 1040, line 12, (or Form 1040NR, line 13) and on Schedule SE, line 2. (If you checked the box on line 1. see the line 31 instructions). Estates and trusts. enter on Form 1041, line 3. 0 If you checked 32b, you must...
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