Tax Project Write up

Tax Project Write up - Memo To: The Hills From: Tax...

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Memo To: The Hills From: Tax Professional Date: April 13, 2010 Re: 2010 Tax Return _____________________________________________________________________________ _ From the information you provided, your tax return has been completed as followed. Between you and your spouse, there were combined wages of $120,000 reported. A total of $22,000 of federal taxes were withheld in your W-2 and will be used as part of your tax payment. State taxes of $4,500 and local taxes of $1,200 withheld in your W-2 will become itemized deductions on the Schedule A. In addition, Jasmine had $7,000 of unemployment income and Jeff had $5,700 in gambling income. Since you both jointly own the consulting business, the Schedule C Business form was split between each of you. By splitting income equally, $36,000 each, and spreading out assets, expenses, and SEP/IRA income, there was a business income of $41,500. Other income, such as $9,600 in interest revenue and $14,000 in qualified dividends were also calculated in your income. Rental income of $2,168 was received from your rental home. The
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Tax Project Write up - Memo To: The Hills From: Tax...

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