Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Financial Accounting Expert

Question :

Please complete the needed federal individual income tax return forms for the subsequent taxpayer. Unless instructed otherwise, the information given is for the taxpayer's 2012 tax year. If need information is missing, use reasonable assumptions to fill in the gaps. Tax forms are required in Blackboard, Course Content, Tax Forms folder.

Jonathan Hales attended State University as a part-time student during the year. To help to incompletely support himself, Jonathan lived at home with his parents while working a part-time job. The subsequent information relates to his present tax year:

  • Jonathan's social security number is 546-87-9876
  • His mailing address is 123 Spring Lane, Willow, Texas 77521
  • Jonathan is a U.S .citizen
  • Jonathan was single during the entire year
  • Jonathan turned 19 on July 1
  • Jonathan is not permanently and completely disabled
  • Jonathan does not have any children or provide support for anyone else except for himself
  • Jonathan lived in a room in the basement of his parents home for all 12 months of the year
  • In addition to the room, Jonathan's parents also provided Jonathan with a car, food, health insurance, clothing, education and car insurance with a total value for the year of $8,500

Jonathan Hales received the subsequent income during the year:

Company             Gross Wages      Federal Income Tax Withholding               State Income Tax Withholding

The Colony         1,675     0              0

Rock Climbing, LLC           790         0              0

Community Pool, Inc.     2,235     175         0

All appropriate and applicable payroll taxes were withheld by his various employers.

Jonathan received $15 in interest income from the First Bank of Texas through the year. Jonathan did not own, manage or control any foreign bank accounts nor was he a grantor or beneficiary of a foreign trust during the tax year.

Jonathan had no itemized deductions.

Jonathan does not want to contribute to the Presidential Election Campaign. He could like to get a refund (if any) of any tax he may have overpaid for the year. His preferred method of receiving the refund is by check.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9718837

Have any Question?


Related Questions in Financial Accounting

Exercise 1 copying formatting and calculating sums and

EXERCISE 1: COPYING, FORMATTING, AND CALCULATING SUMS AND AVERAGES Let's assume that Groth Donut Company has three stores, only one of which is shown at the top of the sheet titled "p = r-­-e". The revenue and expenses f ...

Finance final exam -answer the following questions based on

FINANCE Final Exam - Answer the following questions based on the course presentation, text, and any outside relevant sources. Use citations and show your work where applicable. 1. Strategic and Financial Planning a. Defi ...

Part adbm financial solutionsyou are a financial consultant

Part A DBM Financial Solutions You are a financial consultant working with DBM Financial Solutions and have a portfolio of clients you work with in achieving financial management solutions. Client 1- Manhattan Limited Yo ...

Oil services corp reports the following eps data in its

Oil Services Corp. reports the following EPS data in its 2017 annual report (in million except per share data). Net income $1,827 Earnings per share: Basic $1.56 Diluted $1.54 Weighted average shares outstanding: Basic 1 ...

Assessment -part a -saturn petcare australia and new

Assessment - Part A - Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since opening their firs ...

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

Consider the following account starting balances and

Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Cash is ...

Company a is a calendar year company that depreciates all

Company A is a calendar year company that depreciates all its machinery on a straight-line basis. On January 1, 2016, the company purchased machinery costing $100,000, with an estimated useful life of 10 years and a zero ...

Ww productswith new productssales revenue

Without New Products With New Products Sales revenue $11,686,200 $16,263,600 Net income $486,300 $878,400 Average total assets $5,917,600 $13,539,700 (a) Compute the company's return on assets, profit margin, and asset t ...

Comprehensive problem - lou barlow a divisional manager for

Comprehensive Problem - Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division's ...

  • 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