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South Western Federal Taxation 2016 Essentials Of Taxation Individuals And Business Entities By Raabe Test Bank
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South Western Federal Taxation 2016 Essentials Of Taxation Individuals And Business Entities By Raabe – Test Bank

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COMPREHENSIVE TAX RETURN PROBLEMS

  1. Part 1—Tax Computation

Gross income:

Salary                                                                                                               $65,000

Interest income ($1,300 + $400)                                                                          1,700

Dividend income ($800 + $750 + $650)                                                              2,200

State income tax refund                                                                                       1,100

Business income (Note 1)                                                                                  19,800

Net STCG (Note 2)                                                                                               1,200 

Total gross income                                                                                           $91,000

Deductions for AGI:

Business expenses (Note 1)                                                                              (16,750)

Self-employment tax deduction (Note 3)                                                               (216)

Adjusted gross income                                                                                          $74,034

Deductions from AGI:

Itemized deductions (Note 4)                                                                              (9,834)

Personal exemption                                                                                             (3,950)

Taxable income                                                                                                    $60,250 

Income tax (Note 5)                                                                                             $10,705

Self-employment tax (Note 3)                                                                                     431 

Total tax                                                                                                               $11,136

Taxes withheld                                                                                                      (10,500)

Estimated taxes                                                                                                       (1,000)

Net tax payable (or refund due) for 2014                                                            ($    364)

See the tax return solution beginning on p. 11-16 of the Solutions Manual.

Notes

(1)       Business receipts

Part-time tax practice revenues                                                             $  3,800

Software writing business royalties                                                         16,000

Total gross income                                                                                    $19,800

Business expenses

Part-time tax practice processing fees                                                   $     600

Software writing business ($7,000 + $2,000 + $3,000 +

$650 + $3,500)                                                                                  16,150

Total business expenses (deducted for AGI)                                             $16,750

(2)       Gray stock ($7,000 − $8,800) STCL                                                       ($  1,800)

Utility vehicle ($6,500 − $6,000) STCG                                                          500

Blue stock ($5,500 − $3,000) STCG                                                             2,500 

Net STCG                                                                                                 $  1,200 

(3)       Beth’s earnings from self-employment during 2014 were $3,050 ($19,800 − $16,750), and the self-employment tax on this amount is computed as follows.

Social Security       Medicare

     Portion              Portion 

Ceiling amount                                                                $117,000

Less: FICA wages                                                              (65,000)

Net ceiling                                                                       $  52,000 

Net self-employment income ($3,050 × 92.35%)             $  2,817              $2,817

Lesser of net ceiling or net self-employment income*      $  2,817              $2,817

Tax rate                                                                            × 12.4%              × 2.9%

Self-employment tax                                                         $     349              $     82

Total self-employment tax                                                                 $431

Beth’s for AGI self-employment tax deduction is $216 ($431 × 50%).

*All of Beth’s net self-employment earnings are subject to both portions of the self-employment tax.

(4)       Medical expenses [($300 + $2,875) − (10% × $74,034)]                            $   –0–

Taxes ($1,954 + $1,766)                                                                              3,720

Home mortgage interest                                                                                3,845

Charitable contributions ($1,560 + $520)                                                     2,080

Miscellaneous itemized deductions

Professional dues and subscriptions                             $   350

Convention expenses, excluding meals                          1,220

Meals ($200 × 50%)                                                          100 

$1,670

Less: 2% of AGI ($74,034 × 2%)                                  (1,481)                 189

Itemized deductions                                                                                    $9,834

(5)        Tax on taxable income of $60,250

Tax on dividend income ($2,200 × 15%)                                           $     330

Tax from Tax Table on remaining taxable

income of $58,050 ($60,250 − $2,200)                                         10,375

Total income tax                                                                                       $10,705

           

 

Part 2—Tax Planning

Gross income:

Salary                                                                                                             $65,000

Interest income ($1,300 + $400)                                                                         1,700

Dividend income ($800 + $750 + $650)                                                             2,200

State income tax refund                                                                                      1,100

Net STCG                                                                                                           1,200  

Total gross income                                                                                                $71,200

Deductions for AGI                                                                                                    (–0–)

Adjusted gross income                                                                                          $71,200

Itemized deductions

Medical expenses

[($300 + $2,875) − (10% × $71,200)]                                   $   –0–

Taxes ($1,954 + $1,766)                                                            3,720

Home mortgage interest                                                              3,845

Charitable contributions ($1,560 + $520)                                   2,080

Miscellaneous itemized deductions

Professional dues and subscriptions              $   350

Convention expenses, excluding meals           1,220

Meals ($200 × 50%)                                           100  

$1,670

Less: 2% of AGI ($71,200 × 2%)                   (1,424)                 246

Total itemized deductions                                                                            (9,891)

Personal exemptions ($4,000 × 2)                                                                           (8,000)

Taxable income                                                                                                     $53,309 

Income tax for 2015 (based on the head-of-household rate

schedule) (Note 1)                                                                                         $  7,430

Less: Child tax credit                                                                            $1,000

Credit for child and dependent care expenditures ($3,000 × 20%)  600

Adoption expenses credit                                                             2,000       (3,600)

Less: Income taxes withheld                                                                                 (10,500)

Net tax payable (or refund due) for 2015                                                            ($  6,670)

With such a substantial refund due based on these assumptions, Beth should revise her Form W–4 so that a smaller amount of Federal income tax will be withheld from her salary in 2015.

Note

(1)        Tax on $51,109 ($53,309 − $2,200)                                                           $7,100

Tax on $2,200 ($2,200 × 15%)                                                                       330

Total income tax                                                                                         $7,430

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