Ask Accounting Basics Expert

Complete Rhonda Hill's 2012 federal income tax return.
Fact:
1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter and Associates CPA firm. Rhonda lives in a home she purchased 20 years ago. Rhonda's older cousin Mabel Wright lives with Rhonda in the home. Mabel is retired and receives $2,400 of Social Security payments each year. Mabel is able to save this money because Rhonda provides all of Mabels support. Rhonda also provided the following info:
Rhonda does not want to contribute to the presidential election campaign.
Rhonda lives at 1234 Blue Ridge Way, Tulsa, OK 74101.
Rhonda's birthday is 12/18/1957 and her social security number is 335-67-8910.
Mablel's birthday is 11/2/1945 and her social security number is 566-77-8899.
Rhonda does not have any foreign bank accounts or trusts.
2. Rhonda received a Form W-2 from Carter and Associates (her employer) that 
contained the following information:
• Line 1 Wages, tips, other compensation: $72,000
• Line 2 Federal income tax withheld: 9,300
• Line 3 Social Security wages: 72,000
• Line 4 Social Security tax withheld: 3,024
• Line 5 Medicare wages and tips: 72,000
• Line 6 Medicare tax withheld: 1,044
• Line 16 State wages, tips, etc.: 72,000
• Line 17 State income tax: 2,700
• Carter and Associates address is 1234 CPA Way
Tulsa, OK 74101; its FEIN is 91:0001002; and its 
State ID number is 123456678
3. Rhonda received $250 in interest from Tulsa City bonds, $120 interest from 
IBM bonds, and $15 from her savings account at UCU Credit Union. She also 
received a $460 dividend from Huggies Company and $500 from Bicker Corpo-
ration. Both dividends are qualified dividends.
4. Rhonda sold 200 shares of DM stock for $18 a share on June 15, 2012. She 
purchased the stock on December 12, 2007, for $10 a share. She also sold 
50 shares of RSA stock for $15 a share on October 2, 2012. She purchased the 
stock for $65 a share on February 2, 2012. Stock basis amounts have been 
reported to the IRS.
5. The following is a record of the medical expense that Rhonda paid for herself 
during the year. The amounts reported are amounts she paid in excess of insur-
ance reimbursements.
Insurance premiums $900
Prescription medications 100
Over-the-counter medications 250
Doctor and dentist visits 485
Eyeglasses 300
Physical therapy 200
6. Rhonda paid $2,800 in mortgage interest during the year to UCU credit union. 
She also paid $1,200 in real property taxes during the year.
7. Rhonda contributed $2,350 to Heavenly Church during the year. Heavenly 
Church’s address is 1342 Religion Way, Tulsa, OK 74101.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945869
  • Price:- $45

Priced at Now at $45, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question what discoveries have you made in your research

Question: What discoveries have you made in your research and how does this information inform your ability to evaluate effective coaching and its impact on organizations? Consider these guiding questions: 1. What core c ...

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question the following information is taken from the

Question: The following information is taken from the accrual accounting records of Kroger Sales Company: 1. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next 2 months (Febr ...

Assignment 1 lasa 2-capital budgeting techniquesas a

Assignment 1: LASA # 2-Capital Budgeting Techniques As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You ha ...

Assignment 2 discussion questionthe finance department of a

Assignment 2: Discussion Question The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the N ...

Question in this case you have been provided financial

Question: In this case, you have been provided financial information about the company in order to create a cash budget. Management is seeking advice or clarification on three main assumptions the company has been operat ...

Question 1what step in the accounting cycle do adjusting

Question: 1. What step in the accounting cycle do Adjusting Entries show up 2. How do these relate to the Accounting Worksheet? 3. Why are they completed at the end of each accounting period? The response must be typed, ...

Question is it important for non-accountants to understand

Question: Is it important for non-accountants to understand how to read financial statements? If you are not part of the accounting/finance function in a business what difference would it make? The response must be typed ...

Question refer to the hat rack cash flow statement 2002 in

Question: Refer to the Hat Rack Cash Flow Statement, 2002 in the text on page 17. Answer the following questions and submit to me via Canvas by the due date. 1. Cash flow from operations? 2. Cash flow from investing? 3. ...

  • 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