Question Details

(Solved by Expert Tutors) Dan and Cheryl are married, file a joint return, and have no children.


and Cheryl, age 42, is a nurse at a local hospital. Dan?s SSN is 400-20-XXXX and Cheryl?s SSN is 200-40-XXXX and they reside at 2033 Palmer Dr., Nashville, AL 28034. Dan is paid according to commissions from sales; however, his compensation is subject to withholding of income and payroll taxes. He also maintains an office in his home as the pharmaceutical company does not have an office in Nashville and when he is not traveling, Dan operates his business from his home office. During 2016, Dan earned total compensation from his job of $125,000, on which $18,000 of federal income taxes were withheld, $7,347 of OASDI, and $1,813 of Medicare taxes. State income taxes of $4,000 were withheld. Cheryl earned a salary during 2016 of $45,400, on which federal taxes withheld were $4,000, OASDI of $2,815, and Medicare taxes of $658. During 2016, Dan and Cheryl had interest income from corporate bonds and bank accounts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2016:

  • LTCG $4,900
  • LTCL (3,200)
  • STCG 0
  • STCL (7,800)

????? ?????He had no capital loss carryovers from previous years. Dan does a considerable amount of travel in connection with his job. He uses his own car and is reimbursed $0.30 per business mile. During 2016, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the following travel expenses while away from home during the year:

  • Hotel???? ????????????????????????????????$4,200
  • Meals????????????? ?????????????????????????$820
  • Entertainment of customers ?$1,080
  • Tips???????????????? ?????????????????????????$100
  • Laundry and cleaning?? ???????????$150

?????????????????????????? ????????????????????????Total $6,350

Dan was reimbursed for the travel expenses by his employer, pursuant to an accountable plan, in the amount of $5,080

? ? Please answer the following Data? ? ??

1.? ??? Recognized capital gain or loss

2.????? Schedule A medical expenses after all limitations applied

3.????? Schedule A taxes (excluding home office, if any)

4.????? Total office-in-home expenses before any AGI limitation

5.????? Home-in-office depreciation included in total office-in-home expenses before any AGI limitation

6.????? Travel expenses included in employee business expenses before any AGI limitation

7. ???? Automobile expenses, parking, and tolls included in employee business expenses before any AGI limitation

8.????? Schedule A charitable contribution

9. ???? AGI??

10.?? Taxable income

11.?? Tax on qualified dividends

12.?? Total federal income tax liability

 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Apr 19, 2020

EXPERT

Tutor

ANSWER RATING

YES, THIS IS LEGAL

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now