Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Question - Taxpayer, Mary Kelly, is 35 years old. Her social security number is 123-66-4478. She lives at 12 Main St in Medfield, MA.

Mary is divorced. She pays her ex $15,000 a year in alimony. Her ex's name is Pat Downs. Pat's social is 111-22-3345. Mary also pays $20,000 a year in child support. Her divorce decree allows her to claim her daughter, Beth, born 8/2/2010, SS 221-31-5544 as a dependent.

Mary is an inventor. Companies pay her royalties to use her inventions. She received $106,000 in royalties last year. She had no associated expenses.

Mary works as a professor at Northeastern. Her W2 income was $75,000. Her federal withholding was $18,000. Her State withholding was $6,000.

Mary paid $23,000 in mortgage interest, $5,900 in property taxes, $1,300 in PMI, and $1,100 in homeowners insurance.

Mary paid $12,000 in daycare for her daughter.

Mary sold 10,000 shares of apple stock at $156/share.. She inherited it from her uncle John who had an unfortunate skydiving accident on March 13, 2012.

Mary donated $3,000 to charity. She also paid $30,000 for solar panels which are at her primary residence last year.

Mary's house is in a desirable area for new years' celebrations. She rented her house from December 26 2015 until Jan 2 2016 for $7,500. Unfortunately her septic system was destroyed. it costed her $19,000 to make repairs and bring it up to title 5 requirements.

Prepare a 2016 income tax return for Mary.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92502461
  • Price:- $25

Priced at Now at $25, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question - during 2018 beltram inc had sales of 35633

Question - During 2018, Beltram, Inc. had Sales of $3,563.3 million, Gross profit of $1,634.6 million and Selling, general, and administrative expenses of $1,278.0 million. What was Beltram's Cost of sales for 2018? $ 88 ...

Question - pina corporation purchased a special tractor on

Question - Pina Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Pina should pay $20,180 at the time of purchase and $5,020 at the end of each of the next 8 years. The ...

Discussion internal controlsbullimagine that a coworker

Discussion: Internal Controls • Imagine that a coworker wants to circumvent an internal control to steal money from your company. Speculate on two (2) internal controls that your coworker might attempt to circumvent in o ...

Question - ajax inc issued callable bonds with a par value

Question - Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bonds have a carrying value of $990,000. We call these bonds prior to maturity on Sep ...

Question - x company manufactures a single product product

Question - X Company manufactures a single product, Product A, and budgets total manufacturing costs each month. The accountant provides the following information about its manufacturing process: Direct material quantity ...

Question - assume a legal entitys capital structure

Question - Assume a Legal Entity's capital structure consists of the following accounts: Short-term note payable $ 200,000 Long-term note payable 500,000 Mandatorily redeemable preferred stock 350,000 Common stock 60,000 ...

Question - maple mount fishery is a canning company in

Question - Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was ...

Question accounting for inventoriesas a financial

Question: Accounting for Inventories As a Financial Accountant, determine the best type of income statement a retailer should use. Defend your suggestion. Analyze the different inventory valuation methods discussed in th ...

Question - explain legislation and statutory requirements

Question - Explain legislation and statutory requirements and industry codes of practice including(Australia): Consumer credit code Privacy act Credit act Financial transaction reports act Corporations act (including acc ...

Question - lasorsa corporation manufactures a single

Question - Lasorsa Corporation manufactures a single product. Variable costing net operating income last year was $86,000 and this year was $98,000. Last year, $4,000 in fixed manufacturing overhead costs were released f ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As