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A426S20087TAXPROJECT2 - Schedules A& B You might also...

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CALIFORNIA STATE UNIVERSITY, SAN BERNARDINO Department of Accounting and Finance ACCT 426 Michael A. Henry Tax Return Project #2 Problems: Chapter 4-59 (Daniel and Freida Butler) West's Federal Taxation, Comprehensive Volume (2008 ). Prepare the Ta x Return for 2007 . Due: End of Quarter Changes to Problem: Change all year- ends to one year later ( e,g ., 2006 becomes 2007 ). The following information should be helpful in your preparation of the tax return. (1) (a) Requirement : Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are also on reserve in the library and available at www.irs.gov. (b) Additional Requirements : Prepare a brief top sheet summarizing the factual information in the format of the tax formula. (2) Strategy : You might want to start with page 1 of the 1040 and manually make entries (pencil recommended). You may then need to do subsidiary forms (e.g
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Unformatted text preview: ., Schedules A & B). You might also want to work out the figures for the tax formula roughly first before beginning the return. (3) Check figures : Adjusted gross income 146,683 Taxable income 119,558 (4) Grading : a. Per the syllabus, this manual return is 10% of the grade; i.e., 50 points since the three exams are worth 300 points b. Actual maximum, manual return, 60 points (10 points extra credit) c. Forms required: 1040 pages 1 and 2, Schedules A and B, E p.2, worksheet dividens/capi tal gains. (5) Additional helpful information a. Please use the sequence numbers in the upper right-hand corner of the official IRS forms for the proper order. b. Do not calculate next year's estimates or any late filing penalty or interest. (6) Notes a. Any dependants are qualified. This document was created with Win2PDF available at http://www.win2pdf.com. The unregistered version of Win2PDF is for evaluation or non-commercial use only. This page will not be added after purchasing Win2PDF....
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