Homework 05 - Intro The four worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems They organize your

Homework 05 - Intro The four worksheets that follow provide...

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Unformatted text preview: 26b6379d3b0ffe84ccd186b16b3de0115f4523e4.xls Intro The four worksheets that follow provide pro forma workpapers to help you solve the assigned homework problems. They organize your solution in a manner that is consistent with the analytical methods that we discuss in class and allow you to focus on the technical issues, rather than workpaper techniques and computer skills. However, you should continuously analyze the organization of the solution and the answers that you receive, as you work the problems. That is the only way that you will learn the skills and techniques that you will need for your long-term success. You should also refrain from checking the correct answers until after you have completed your solution. Click on the appropriate tab below to move to the worksheet for the homework problem that you want to work on. Once you have completed the assignment, save the file to your computer, then send it as an email attachment to [email protected] Make sure that you put the following description in the email's Subject line: 346 Homework 05 NOTE: Cells with red dots in them contain notes that provide additional information about the cell contents. Double click on those cells to read the notes. Also, you need enter information only in the cells that are highlighted in bright yellow. Page 1 Problem 9-37 Moving Van Charge Loss on Sale of Residence Lodging During Move Meals During Move Mileage for cars (most current rate) $4,500 $9,000 $540 $410 $805 $15,255 Check Figure Deductible Moving Other $4,500 $$$$540 $$$$805 $$5,845 $$5,845 0.23 Not Deductible $$9,000 $$410 $$9,410 $15,255 Problem 10-25 Part a Hospitalization Bill's Doctor Jodi's Medical Total Qualifying Expenditures Less Insurance Reimbursements Net Qualifying Expenditures AGI AGI Limitation % AGI Limitation Medical Expense Deduction Check Figures $5,200 $2,800 $2,400 $10,400 ($2,600) $7,800 $80,000 4.2% ($3,360) $4,440 $4,400 Problem 10-32 State Income Taxes April 2012, for 2011 Payroll withholdings, 2012 Estimated taxes paid, 2012 April 2013, from 2012 Total Amounts $1,000 $7,400 $700 $(1,800) $7,300 a) 2012 Federal Deduction $1,000 $$700 $$1,700 Problem 10-43 AGI = $150,000 Reported by Taxpayer Medical State & Local Income Taxes Sales Tax Real Estate Taxes Interest on Home Mortgage Credit Card Interest Charitable Contributions Casualty Loss Unreimbursed Employee Expenses $20,000 $4,500 $1,300 $4,000 $4,500 $1,000 $5,000 $20,000 $5,000 $65,300 Deducted on Sch. A $8,750 $4,500 $0 $0 $0 $0 $5,000 $0 $18,250 $33,750 ...
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  • Spring '13
  • WILSON
  • Accounting, state income taxes, real estate taxes, Net Qualifying Expenditures, Total Qualifying Expenditures

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