As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the following taxpayers. Name Tax Liability Tax Credits Other Taxes Payments Refund/Owe (circle one) Amount 15. Jackson $7,525 $1,670 $840 $5,300 Refund/Owe $1,395 16. Hayward $3,229 $750 0 $3,130 Refund/Owe blank 1 17. Lane $12,280 $2,453 $1,232 $9,540 Refund/Owe $1,519 18. Trent $6,498 $1,221 $885 $7,600 Refund/Owe blank 3 As a newly hired IRS trainee, you have been asked to calculate the amount of tax refundor tax owed for the following taxpayers.NameTaxTaxOtherPaymentsRefund/OweLiabilityCreditsTaxes(circle one)Jackson$7,525$1,670$840$5,300Refund/OweHayward$3,229$7500$3,130Refund/OweLane$12,280$2,453$1,232$9,540Refund/OweTrent$6,498$1,221$885$7,600Refund/Owe

Formula:Amount owed or refund = Tax liability - Tax credits + Other taxes - Payments Note: If the…

As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the following taxpayers. Name Tax Tax Other Payments Refund/Owe Liability Credits Taxes (circle one) Jackson $7,525 $1,670 $840 $5,300 Refund/Owe Hayward $3,229 $750 0 $3,130 Refund/Owe Lane $12,280 $2,453 $1,232 $9,540 Refund/Owe Trent $6,498 $1,221 $885 $7,600 Refund/Owe

As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the following taxpayers. Name Tax Tax Other Payments Refund/Owe Liability Credits Taxes (circle one) Jackson $7,525 $1,670 $840 $5,300 Refund/Owe Hayward $3,229 $750 0 $3,130 Refund/Owe Lane $12,280 $2,453 $1,232 $9,540 Refund/Owe Trent $6,498 $1,221 $885 $7,600 Refund/Owe

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 11DQ

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As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Name TaxLiability TaxCredits OtherTaxes Payments Refund/Owe(Select one) Amount Trent $6,798 $1,331 $795 $7,600 $
17. As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Name TaxLiability TaxCredits OtherTaxes Payments Refund/Owe(Select one) Amount Hayward $3,559 $650 0 $3,460 $
As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Name Trent Tax Tax Liability Credits Other Taxes $5,898 $1,331 $885 Need Help? Read It Payments $6,700 Refund/Owe (Select one) --Select--- Amount
As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Other Refund/Owe (Select one) Tax Таx Name Payments Amount Liability Credits Taxes Trent $6,898 $1,331 $775 $7,700 ---Select---
Required: Use the following information to complete Rhonda Hill's federal income tax return. If any information is missing, use reasonable assumption to fill in the gaps. Prepare this return for the year ending December 31, 2021 You may use any tax software program to complete the return, or you can do them manually by downloading fillable forms from the IRS website (www.irs.gov). The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter & Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in her home. Mabel is retired and receives $2,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabel's support. Rhonda also provided the following information. Rhonda does not want to…
As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Refund/Owe (Select one) Тax Тах Other Name Payments Amount Liability Credits Таxes Hayward $3,559 $750 $3,460 ---Select--- $
The IRS requires anyone who prepares or assists in preparing federal income tax returns for a fee to: O Apply for, and receive a Preparer Tax Identification Number from the IRS. O Pass a Qualifying Education course that is approved by the California Tax Education Council. Pay an annual fee of $50 to the Internal Revenue Service. O Apply for, and receive a Preparer Tax Identification Number from the California Tax Education Council.
1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer: A. W-9 B. W-4 C. W-2 D. I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer: A. $100 B. $500 C. $1,000 D. $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer: A. 2.9% B. 6.2% C. 12.4% D. 15.3%
11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
The number assigned to employers by the IRS for use in submitting and reporting tax payments is: O a. FUTA O b. iPay Oc. EIN O d. TIPN
Procedure and Analysis: 1. For taxable incomes of $100,000 or less, the 1040 Forms & Instructions booklet displays tax tables with the income tax previously calculated for the applicable income level (up to $100,000) and the filing status. Locate a copy of the tax tables on the Internet with the search keywords "2009 1040 tax tables" or from the Forms and Publications link found at the website www.irs.gov. Using $100,000 as a taxable income, find the income tax for a couple (married and filing jointly) in the published tax tables. Record your results. a. Total Income Tax (based on 2009 IRS Tax Tables) = $ b. Now, calculate the income tax on the very same $100,000 taxable income using the computations described in unit 4-E. Use the framework below to aid in your calculations: Tax Computation Tax Rate 10% 15% 25% Married Filing Jointly up to 16,700 up to 67,900 up to 137,050 Total Income Tax: c. Should your answers for Parts (a) and (b) match exactly? Explain why or why not?
Performance standards: Accomplish the BIR (Bureau of Internal Revenue) forms MELCS: Explain the procedure in the computation of gross taxable income and tax due. Mr. Sabado need to pay his tax. You are an agent hired by Mr. Sabado to compute his taxable income and tax due. The BIR agent will check and evaluate based on accuracy of the information prepared. Instructions: From the given information below compute the total taxable income and total income tax due on each scenario. Mr. Sabado, Production Manager of M.A.R Corp., earned annual compensation in 2020 of P 2,333,000, exclusive the 13h month and other benefits in the amount of P250,000 but net of mandatory contributions to SSS and Philhealth. Aside from employment income, he owns a convenience store, with gross sales of P3,555,000. His cost of sales and operating expenses are P1,500,000 and 800,000, respectively, and with non-operating income of P250,000. а. Mr. Sabado signified his intention to be taxed at 8% income tax rate on…