extra credit - During the year, John paid the following...

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Week 4: Depreciation, Cost Recovery, Amortization, and Depletion - Extra Credit for Week 4
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Extra Credit for Week 4 The problem listed below is not required. This problem is optional and will give the student a chance to practice with their software package in preparing a tax return. This problem will be worth up to 15 points of extra credit. Once completed save the tax return in a pdf file and then place in the dropbox for Week 4. PROBLEM: John Williams (age 42) is a single taxpayer, and lives at 1324 Forest Drive, Reno, NV 85901. His social security number is 244-553246. John's earnings and withholdings as the manager of the Lucky Ace Casino is listed below: Earnings for Federal Taxes $186,800 Federal Income Tax Withheld 24,800 State Income Tas Withheld 0 John's other income consist of interest on a savings account at Nevada National Bank of $13,075 John pays his exwife $2,800 per month in alimony. Her social security number is 283-77-0096.
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Unformatted text preview: During the year, John paid the following amounts and has receipts to back up each amount. (He is unsure which are deductible and will depend upon your expertise in deciding) Home mortgage interest $19,700 Credit card interest on VISA 1,760 Auto loan interest at GMAC 4,300 Auto insurance 1,900 Property tax on personal residence 6,200 State and local sales taxes actually paid 4,000 Blue Cross health insurance premiums 1,800 Doctors & dentist expenses 790 Income tax preparation fee paid in 2008 for 2007 taxes 900 Charitable contributions: Boy Scouts 800 St. Matthews Church 300 U. of Nevada Medical School cash contribution10,000 Democratic Party 250 Fund-raising dinner for Reno Auto Museum 100 (value of the meal was $50) Prepare John Williams' taxes for the year. Mr Williams receive a stimulus check for the previous year of $600 during 2008. The following forms should be prepared for Mr. Williams: 1040 Form; Schedule A, and Schedule B....
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This note was uploaded on 02/08/2010 for the course ACC317 adv. feder taught by Professor Man during the Spring '10 term at Strayer.

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extra credit - During the year, John paid the following...

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