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Question: Carl Conch and Mary Duval are married

Carl Conch and Mary Duval are married and file a joint return. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing her job in 2017. Carl’s birthdate is June 14, 1973 and Mary’s is October 2, 1973. Carl’s earnings are reported on the following Form W-2:
Carl Conch and Mary Duval are married and file a joint return. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing her job in 2017. Carl’s birthdate is June 14, 1973 and Mary’s is October 2, 1973. Carl’s earnings are reported on the following Form W-2:


Carl and Mary received the following Forms 1099:



Mary is divorced and she pays her ex-husband (Tom Tortuga) child support. Pursuant to their 2015 divorce decree, Mary pays Tom $500 per month in child support. All payments were made on time in 2018.
In June 2018, Mary’s father gave her a cash gift of $75,000. Mary also received unemployment compensation as shown on the following Form 1099-G:


Mary won a $750 prize in a women’s club raffle in 2018. No income tax was withheld from the prize.
The Key Lime Pie Company provides Carl with a company car to drive while he is working. The Company spent $6,475 to maintain this vehicle during 2018. Carl never uses the car for personal purposes. The Key Lime Pie Company also provides a cafeteria for all employees on the factory premises. Other restaurants exist in the area and so Carl is not required to eat in the cafeteria, but he typically does. The value of Carl’s meals is $650 in 2018. 

Required:
Complete Carl and Mary’s federal tax return for 2018 on Form 1040 and Schedule 1.

Carl and Mary received the following Forms 1099:
Carl Conch and Mary Duval are married and file a joint return. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing her job in 2017. Carl’s birthdate is June 14, 1973 and Mary’s is October 2, 1973. Carl’s earnings are reported on the following Form W-2:


Carl and Mary received the following Forms 1099:



Mary is divorced and she pays her ex-husband (Tom Tortuga) child support. Pursuant to their 2015 divorce decree, Mary pays Tom $500 per month in child support. All payments were made on time in 2018.
In June 2018, Mary’s father gave her a cash gift of $75,000. Mary also received unemployment compensation as shown on the following Form 1099-G:


Mary won a $750 prize in a women’s club raffle in 2018. No income tax was withheld from the prize.
The Key Lime Pie Company provides Carl with a company car to drive while he is working. The Company spent $6,475 to maintain this vehicle during 2018. Carl never uses the car for personal purposes. The Key Lime Pie Company also provides a cafeteria for all employees on the factory premises. Other restaurants exist in the area and so Carl is not required to eat in the cafeteria, but he typically does. The value of Carl’s meals is $650 in 2018. 

Required:
Complete Carl and Mary’s federal tax return for 2018 on Form 1040 and Schedule 1.


Carl Conch and Mary Duval are married and file a joint return. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing her job in 2017. Carl’s birthdate is June 14, 1973 and Mary’s is October 2, 1973. Carl’s earnings are reported on the following Form W-2:


Carl and Mary received the following Forms 1099:



Mary is divorced and she pays her ex-husband (Tom Tortuga) child support. Pursuant to their 2015 divorce decree, Mary pays Tom $500 per month in child support. All payments were made on time in 2018.
In June 2018, Mary’s father gave her a cash gift of $75,000. Mary also received unemployment compensation as shown on the following Form 1099-G:


Mary won a $750 prize in a women’s club raffle in 2018. No income tax was withheld from the prize.
The Key Lime Pie Company provides Carl with a company car to drive while he is working. The Company spent $6,475 to maintain this vehicle during 2018. Carl never uses the car for personal purposes. The Key Lime Pie Company also provides a cafeteria for all employees on the factory premises. Other restaurants exist in the area and so Carl is not required to eat in the cafeteria, but he typically does. The value of Carl’s meals is $650 in 2018. 

Required:
Complete Carl and Mary’s federal tax return for 2018 on Form 1040 and Schedule 1.

Mary is divorced and she pays her ex-husband (Tom Tortuga) child support. Pursuant to their 2015 divorce decree, Mary pays Tom $500 per month in child support. All payments were made on time in 2018. In June 2018, Mary’s father gave her a cash gift of $75,000. Mary also received unemployment compensation as shown on the following Form 1099-G:
Carl Conch and Mary Duval are married and file a joint return. Carl works for the Key Lime Pie Company and Mary is a homemaker after losing her job in 2017. Carl’s birthdate is June 14, 1973 and Mary’s is October 2, 1973. Carl’s earnings are reported on the following Form W-2:


Carl and Mary received the following Forms 1099:



Mary is divorced and she pays her ex-husband (Tom Tortuga) child support. Pursuant to their 2015 divorce decree, Mary pays Tom $500 per month in child support. All payments were made on time in 2018.
In June 2018, Mary’s father gave her a cash gift of $75,000. Mary also received unemployment compensation as shown on the following Form 1099-G:


Mary won a $750 prize in a women’s club raffle in 2018. No income tax was withheld from the prize.
The Key Lime Pie Company provides Carl with a company car to drive while he is working. The Company spent $6,475 to maintain this vehicle during 2018. Carl never uses the car for personal purposes. The Key Lime Pie Company also provides a cafeteria for all employees on the factory premises. Other restaurants exist in the area and so Carl is not required to eat in the cafeteria, but he typically does. The value of Carl’s meals is $650 in 2018. 

Required:
Complete Carl and Mary’s federal tax return for 2018 on Form 1040 and Schedule 1.

Mary won a $750 prize in a women’s club raffle in 2018. No income tax was withheld from the prize. The Key Lime Pie Company provides Carl with a company car to drive while he is working. The Company spent $6,475 to maintain this vehicle during 2018. Carl never uses the car for personal purposes. The Key Lime Pie Company also provides a cafeteria for all employees on the factory premises. Other restaurants exist in the area and so Carl is not required to eat in the cafeteria, but he typically does. The value of Carl’s meals is $650 in 2018. Required: Complete Carl and Mary’s federal tax return for 2018 on Form 1040 and Schedule 1.





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> Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year will be $42,000, her dependent care expenses will be $6,300, and her itemized deductions will be $14,000. Assuming Phan files as head of household, use For

> Lamden Company paid its employee, Trudy, wages of $47,000 in 2018. Calculate the FICA tax: Withheld from Trudy's wages: Social Security $. $. $. $- Medicare Paid by Lamden: Social Security Medicare Total FICA Tax

> Donald, a wealthy banker, has a 24-year-old son, Junior, that has struggled to keep a job. In 2018, Junior generated wage income of $17,000. Junior is not a dependent of Donald and Junior’s 2018 tax liability is $500. Donald is considering gifting Junior

> Adam Grisly, a single taxpayer, retired from a long career in coal mining in 2017 when he was only 58 years of age. In 2018, his only source of income is wages of $17,500 from a part-time job. Adam knows he needs to save additional funds for retirement a

> Thomas is an employer with two employees, Patty and Selma. Patty’s wages are $12,450 and Selma’s wages are $1,275. The state unemployment tax rate is 5.4 percent. Calculate the following amounts for Thomas: a. FUTA tax before the state tax credit b. Stat

> Fly-By-Night (P.O. Box 1234, Dallas, TX 75221, EIN 12-9876543) paid George Smith, an employee who lives at 432 Second Street, Garland, TX 75040, wages of $25,400. Based on George’s final 2018 pay stub, the income tax withholding amounted to $5,380 and th

> During 2018, Palo Fiero purchases the following property for use in his calendar year­end manufacturing business: Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonu

> On February 2, 2018, Alexandra purchases a personal computer for her home. The computer cost $2,800. Alexandra uses the computer 80 percent of the time in her accounting business, and the remaining 20 percent of the time for various personal uses. Calcul

> During 2018, William purchases the following capital assets for use in his catering business: Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the aut

> Janie owns a 40% interest in Chang Partnership. Chang has W-2 wages of $50,000 and qualified property of $450,000 in 2018. a. When computing the W-2 wages limitation, what is the amount of wages that will be allocated to Janie? b. What is the amount of q

> Calculate the following: a. The first year of depreciation on a residential rental building costing $200,000 purchased July 2, 2018. b. The second year (2019) of depreciation on a computer costing $5,000 purchased in May 2018, using the half­ year conve

> Explain the use of the mid­ quarter convention for MACRS depreciation:

> On April 8, 2018, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on November 15, 2018, with a cost basis of $500,000. a. Cal

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