The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
Justin Stone was an employee of DataCare Services, Inc. His salary was $45,000 through November 10, 2018, when he was laid off. DataCare Services provided medical insurance for Justin and his family during his employment and agreed to continue this coverage through the end of 2018. He received $7,000 of unemployment compensation from November 11, 2018, through December 31, 2018. FICA withholdings were as follows: Social Security of $2,790 ($45,000 x 6.2%) and Medicare of $653 ($45,000 x 1.45%). Justin lives at 112 Green Road, Crown City, OH 45623. His Social Security number is 111-11-1112.
Justin owned an apartment building until November 22, 2018 when he sold it for $200,000 (the apartment building’s address is 4826 Orange Street, Crown City, OH 45623). For 2018, he had rent revenue of $33,000. He incurred and paid expenses as follows: $4,568 of repairs, $12,000 of mortgage interest, $10,000 of real estate taxes, and $1,000 of miscellaneous expenses. He purchased the building on January 2, 2012, for $125,000. The building generated an operating profit each year that Justin owned it. Justin received $13,000 in cash as a gift from his mother to help “tide him over” while he was unemployed. He also withdrew $10,000 from his checking account. He “invested” $300 in lottery tickets during the year but had no winnings.
Other information follows:
Required:
Calculate taxable gross income.
$
Calculate the total deductions for AGI.
$
Calculate adjusted gross income.
$
Calculate the greater of the standard deduction or itemized deductions.
$
Calculate total taxable income.
$
Calculate the income tax liability.
$
Calculate the total tax credits available.
$
. Calculate total withholding and tax payments.
$
Calculate the amount overpaid (refund):
$
Calculate the amount of taxes owed:
$
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more