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Kelly Legner ACCT 827 final project

Kelly Legner ACCT 827 final project - Acct 827 Final...

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Acct 827 Final Project Communicating Research Findings Total Points- 300 points TOPIC: Income/Exclusions and Itemized deductions Sam and Sandy Jones are married filing jointly. They live on 565 Lily Street, Tinley Park, IL 60477 and their home phone number is 708-333-3333. Sam works as a Professor at Solid University. Sandy is a second grade teacher. Neither Sam nor Sandy has any other form of employment. Sam’s social security number is 111-11-1111 and he was born March 10, 1965. Sandy’s social security number is 222-22-2222 and she was born March 10, 1965. Sam and Sandy received the following income: 1. Sam’s Salary Income (Box1 of his W-2) $66,000 2. Sandy’s Salary Income (from Box1 of her W-2) 28,000 3. Gift from Sandy’s mother 15,000 4. Interest Income from Lakeland Bank from CD (Sam’s 1099Int Box 1) 600 5. Illinois State Lottery prize winnings 900 As a professor at Solid University, he is a significant proponent of Internet education and research. The university outsources some of its technological work to Tech. Inc. You are in the process of completing Sam’s tax return for the previous year. Sam and you have been good friends for years. Sam was sharing his enthusiasm about his job with you and happened to mention that Tech. Inc. recently gave him a new laptop computer valued at $3500 to “show its appreciation” for his commitment to technological advancement in education. Sam assumes that the gift was also made because he had recently (and at some personal sacrifice) attended a Technology in Education seminar. Sam presented his work along with representatives from Tech. Inc., who proudly held Sam’s work out as the product of their collaboration. Although Sam does not particularly care for Tech Inc. and does not feel obligated to it in any way (since it is not his employer), Sam gladly accepted the accolades and the computer. Sam received no appropriate IRS form 1099 or other income tax reporting forms from Tech. Inc. They gave you a list of their potential deductions. They received no insurance reimbursement for medical expenses. They purchased their home in 1991, and a commercial mortgage company holds the mortgage. They have not refinanced the mortgage or increased the principal balance since they bought their home. They are both under age 65 and not blind. Neither can be claimed as a dependent by another taxpayer. They do not want to make a contribution to the Presidential Campaign fund and they have not given anyone permission to discuss their tax return with the IRS. They do not have any dependents. If they are entitled to a refund, they would like it mailed to them. The following amounts were “paid” in the current tax year. Un reimbursed medical expenses: Medical insurance premiums paid with aftertax dollars (included in Box1 W-2) $1000 Hospital 600 Doctors 700 Dentists -for braces for Sandy not covered by insurance 5,000 -Porcelain veneers (for Sam to cover his teeth yellowed 1770963b118f3f854483633df3742c70962cbc73.doc Page 1 of 9
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by tobacco) 2,000 Prescription drugs 700 Insulin 300 Vitamins 400 Corrective contact lenses 500 Corrective glasses 500 Taxes: State income tax withheld
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