Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Nuga and Muriel Atewon are married and file a joint return in 2012. They live at 12345 Hemenway Avenue, Marlboro, MA, 01752. Nuga is a self-employed tax preparer and his SSN is 412-34-5670. Muriel is a manager and her SSN is 412-34-5671. They had the following income and expenses for the year:


Muriel's W-2:
Gross Wages $96,000
Social security tax 4,032
Medicare tax 1,392 Federal withholding tax 18,643
State withholding tax 4,800

Nuga was the sole proprietor of NAMA Tax Service, located at 123 Main Street, Marlboro, MA, 01752, and his business code is 541213. He had the following revenue and expenses:

Revenue: $80,000
Expenses:
Advertising 1,200
Insurance Expense 3,200
Telephone Expense 2,400 Office Rent Expense 18,000
Utilities Expense 4,800
Office Expense 5,000
Depreciation 6,041 must be allocated to the §1231 assets listed next

Nuga had the following business assets:

• Office Furniture: Purchased for $4,950 on May 20, 2010. The equipment is being depreciated over 7-year MACRS 200% declining balance. Nuga sold it on May 15, 2012 for $4,000.

• Office Equipment: Purchased a copier for $13,800 on January 10, 2012. The copier is being depreciated over 5-year MACRS 200% declining balance. Nuga makes no elections for §179 or bonus depreciation.

• Computer & Equipment: Purchased a computer system for $8,900 on January 2, 2011. The computer is being depreciated over 5-year MACRS 200% declining balance. Nuga makes no elections for §179 or bonus depreciation.

Nuga and Muriel had the following other sources of income and deductions:

• Interest from a CD in the amount of $1,385
• Long-term loss carryover from 2011 of $5,000
• Real estate taxes of $8,042
• Home mortgage interest of $14,458
• Charitable contributions in cash over the year of $1,800; all receipts and acknowledgments were received from the charitable organizations.

Nuga has made four (4) quarterly installments of $750 each as estimated taxes for 2012. All estimated tax payments were paid by the due date using 1040-ES coupons.

Prepare Form 1040 and all related schedules, forms, and worksheets for 2012 for Nuga and Muriel Atewon. The Atewons do not donate to the Presidential Election Campaign

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946491

Have any Question? 


Related Questions in Accounting Basics

Principles of accountingthe accounting cyclequestion

Principles of Accounting The Accounting Cycle Question A • Explain why temporary accounts are closed each period. Question B • Identify the 10 steps in the accounting cycle.

Part one - sage transactionsyou will be given a fictitious

PART ONE - SAGE TRANSACTIONS You will be given a fictitious company which you will need to set up, record two months of transactions and produce financial statements for. You will need to use your professional judgement ...

Internet case-citizen-centric reportingalthough citizens

Internet Case-Citizen-Centric Reporting Although citizens should be concerned about the performance of government, in truth, few citizens typically review the financial information provided by their government. In part, ...

Bubbles hot tubsbubbles hot tubs are a business that

Bubbles Hot Tubs Bubbles Hot Tubs are a business that manufactures and sells hot tubs to the UK market. At present the business manufactures three different types of hot tubs: The selling prices for each of the hot tubs ...

Tf question1under the modified accrual basis of accounting

T/F QUESTION 1 Under the modified accrual basis of accounting, there is no matching principle and no attempt to amortize costs that benefit multiple periods. 2 In fund accounting, expenditures may be classified in differ ...

Q1 what was the logic behind the gentiles who asked for

Q.1 what was the logic behind the gentiles who asked for chanja Finkelsztjains world goods( and similar anecdotes) Q.2 how does the author regard the plundering of the Jews? Q.3 Why did so many Jews leave valuables with ...

Module 1 1 page topic selectionselect any topic in

Module 1 ( 1 Page ) Topic Selection Select any topic in accounting of interest that connects to the subject matter of this course. If you have already selected the area of your doctoral research, you may choose a topic i ...

Company name bhp billiton - report 2000-2200

Company Name BHP Billiton - Report (2000-2200) words Introduction Approach of research study What they have done wrong which results in the crisis Issues in sustainability report Issues in what they claim of doing but th ...

Part 1true false questionsselect the correct answer1 a

Part 1: True / False Questions Select the correct answer 1. A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates. True False 2. The use of a predeterm ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen