(Answered) Question - harold j milton ssn 000-22-1111 is unmarried

Accounting

Question - Harold J. Milton (SSN 000-22-1111) is unmarried filing single with no dependents. He had the following income and deductions for 2011:

Salary $177,000

State income taxes 18,000

Interest income from bank 12,000

Mortgage interest expense on residence 19,000

Dividend income (qualified) 18,000

Deductible IRA contribution 5,000

Interest expense on car loan 3,000

Tax-exempt interest from municipal bonds 24,000

Real estate taxes on residence 2,000

Charitable contributions 27,000

Miscellaneous deductions-other (before the 2% AGI floor) 7,000

Income taxes withheld 20,000

Estimated tax payments ($2,500 per quarter) 10,000

Complete Milton's 2011 Form 1040, Schedule A, B, D, Form 6251, and Form 2210.

Milton had AGI in 2010 of $200,000 and his 2010 income tax liability was $46,000. (Note: Milton is eligible to use the Short Method on Form 2210.)

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92767978
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - hudson landscaping service bought equipment for

Question - Hudson landscaping service bought equipment for 10800 on January 1 2019. It has estimated useful life of five years and zero residual value. Hudson uses the straight line method to calculate depreciation and r ...

Question - at december 31 2016 grouper corporation reported

Question - At December 31, 2016, Grouper Corporation reported current assets of $384,870 and current liabilities of $206,100. The following items may have been recorded incorrectly. 1. Goods purchased costing $22,150 wer ...

Question - seven star corporation purchased a piece of

Question - Seven Star Corporation purchased a piece of equipment at the beginning of 2012. The equipment cost $140,000. Its estimated service life is 8 years and has an expected salvage value of $8,000. The sum-of-the-ye ...

Question - ralph henwood was paid a salary of 64600 during

Question - Ralph Henwood was paid a salary of $64,600 during 2018 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $70,000 on h ...

Questions -question 1 - 750 wordsfinancial reports and the

Questions - Question 1 - 750 words Financial reports (and the conceptual frameworks on which they are based) can either embrace a 'decision usefulness' or 'stewardship' function. Define these two terms. Which of these fu ...

Question to make your decision you should use research and

Question: To make your decision you should use research and clearly lay out the facts and assumptions. You should then use the tools like IRR, NPV, TVM, Ratio Analysis, etc to analyze the facts. Finally, make a closing s ...

Question - make an adjusting journal entriesat december 31

Question - Make an Adjusting Journal Entries. At December 31, the Long-Term Investments (Available-for-sale securities or "AFS") had a fair value of $180,190. The AFS Investment was originally purchased on May 1, 2017 fo ...

Question - mr x wants to build a retirement fund of 500000

Question - Mr. X wants to build a retirement fund of $500,000 by the time he is 65. He is 40 today, and he plans to make 20 equal annual deposits to the fund, the first deposit to be made today. Assuming the fund will ea ...

Question - the calculated variable cost per unit of 18high

Question - The calculated variable cost per unit of $1.8 High Level of activity is: 1,691 units and $7,147cost. If the low level of activity was 530 units, calculate the fixed cost at the low level of activity?

Question - assume that green cos total assets at the end of

Question - Assume that Green Co.'s total assets at the end of the prior year and at the end of the current year were $937,000 and $1,019,000, respectively. Calculate ROI (based on operating income) for the current year u ...

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

Recent Questions

Ask Accounting Basics Expert