subject
Business, 10.03.2020 03:11 stef76

Matthew Flaws is a single taxpayer and lives at 5670 Sierra Drive, Honolulu, HI 96822. He has income from a job as a marketing representative, interest income, dividend income, and stock investments. Some of his investments are in a mutual fund. His social security number is 412-34-5670. For the tax year 2017, Matthew had the following income information:

Wages $ 118,000
Social security tax withholding 7,316
Medicare tax withholding 1,711
Federal income tax withholding 17,350
State income tax withholding 3,600

Matthew had the following investment income:

Foundation Bank 1099-INT $ 1,763
Great Return Mutual Fund 1099-INT 500
Great Return Mutual Fund 1099-DIV 700 (ordinary dividends - $0 qualified)
Great Return Mutual Fund 1099-DIV CGD 3,632 (capital gain distribution)

Matthew had the following investment sales:

A 1099-B from Great Return Mutual Fund for the sale of 100 shares of the fund. Matthew had purchased 50 shares on September 21, 2016, for $650; 50 shares on October 1, 2016, for $500; and 50 shares on November 30, 2016, for $800. He sold 100 shares on June 13, 2017, for $700. Matthew uses the average cost method to calculate the cost basis of his fund shares.

A 1099-B from XYZ Brokerage Company for $5,500 gross proceeds from the October 21, 2017, sale of 50 shares of Liquid Rhino Marketing. The shares were originally purchased on October 22, 2016, for $2,500.

A 1099-B from ABC Brokerage Company for $2,000 gross proceeds from the November 2, 2017, sale of 60 shares of Crestwood Company. Matthew originally inherited the shares from his grandfather on February 18, 2017. The shares had an FMV of $2,500 on his grandfather's date of death. His grandfather originally purchased the shares for $400 in 1990.

Other information:

Matthew had a capital loss carryover from 2016; $1,990 short-term.

Matthew had the following itemized deductions:

Medical insurance premiums $ 5,000
Real estate taxes 6,210
Home mortgage interest (Form 1098) 21,600
Cash charitable contributions 2,000
Tax preparation fee 200
Matthew does not want to contribute to the presidential election campaign and does not want anyone to be a third-party designee. Matthew had qualifying health care coverage at all times during the tax year.

Complete the 2017 tax return for Matthew Flaws. For any missing information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round all intermediate calculations and your final answers to the nearest whole dollar amount.)

Use the appropriate Tax Tables.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 15:00
Becky fenton has 40/80/40 automobile insurance coverage. if two other people are awarded $75,000 each for injuries in an auto accident in which becky was judged at fault, how much of this judgment would the insurance cover?
Answers: 1
question
Business, 21.06.2019 21:30
Gino's restaurant is a popular restaurant in boston, massachusetts. the owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. the intern, in consultation with the owner, identified the following major activities: activity cost pool activity measure serving a party of diners number of parties served serving a diner number of diners served serving drinks number of drinks ordered some costs, such as the cost of cleaning the linens that cover the restaurant's tables, vary with the number of parties served. other costs, such as washing plates and glasses, depends on the number of diners served or the number of drinks served. data concerning these activities are shown below. serving a party serving a dinner serving drinks total total cost $47,600 $153,000 $59,800 $260,400 total activity 7,000 parties 30,000 diners 46,000 drinks prior to the activity-based costing study, the owner knew very little about the costs of the restaurant. she knew that the total cost for the month was $260,400 and that 30,000 diners had been served. therefore, the average cost per diner was $8.68.required: 1. compute the activity rates for each of the three activities 2. according to the activity-based costing system, what is the total cost of serving each of the following parties of diners? a. a party of four diners who ordered three drinks in total b. a party of two diners who do not order any drinks c. a lone diner who orders two drinks 3. convert the total costs you computed in part (1) above to costs per diner. in other words, what is the average cost per diner for serving each of the following parties: a. a party of four diners who order three drinks in total b. a party of two diner who do not order any drinks c. a lone diner who orders two drinks 4. why do the costs per diner for the three different parties differ from each other and from the overall average coast of $9.80 per diner?
Answers: 1
question
Business, 22.06.2019 05:00
Personal financial planning is the process of creating and achieving financial goals? true or false
Answers: 1
question
Business, 22.06.2019 20:00
Experienced problem solvers always consider both the value and units of their answer to a problem. why?
Answers: 3
You know the right answer?
Matthew Flaws is a single taxpayer and lives at 5670 Sierra Drive, Honolulu, HI 96822. He has income...
Questions
question
English, 23.07.2021 19:00
Questions on the website: 13722363