Hello, I need help with homework: Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the

Hello, I need help with homework:

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year.

Married taxpayers David and Lillian Perdue file jointly and have a daughter, Erin. They live at 9510 Bluebird Canyon Drive, Seattle, WA 99201. The Perdues own their home, which was paid off last year. David works as a salesman for the Canyon Honda car dealer and Lillian works at the same dealer as the manager of the service department. The social security number for David is 412-34-5670; for Lillian, 412-34-5671; and for Erin, 412-34-5672. Their birth dates are as follows: David, 1/18/1971; Lillian, 3/14/1971; and Erin, 11/21/2011.

Erin attends school during the day and in the afternoon attends Seattle Day Care (1 Day Street, Seattle WA 99201, EIN 92-6789012). The Perdues paid $2,800 during the year to the school for the after-school care.

The Forms W-2 from Canyon Honda contained the following information:

Lillian Perdue:

Wages (box 1) =

$ 72,000.00

Federal W/H (box 2) =

$ 7,165.00

Social security wages (box 3) =

$ 72,000.00

Social security W/H (box 4) =

$ 4,464.00

Medicare wages (box 5) =

$ 72,000.00

Medicare W/H (box 6) =

$ 1,044.00

David Perdue:

Wages (box 1) =

$ 62,434.91

Federal W/H (box 2) =

$ 6,492.14

Social security wages (box 3) =

$ 62,434.91

Social security W/H (box 4) =

$ 3,870.96

Medicare wages (box 5) =

$ 62,434.91

Medicare W/H (box 6) =

$ 905.30

Prepare the Perdues’ federal tax return. Use Forms 1040, 2441, and any additional appropriate schedules they may need for credits. For any missing information, make reasonable assumptions. Use the appropriate Phaseout Schedule, Tax Tables or Tax Rate Schedules.

Note: List the names of the taxpayers in the order in which they appear in the problem. Input all the values as positive numbers. Instructions can be found on certain cells within the forms. Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Do not skip rows, while entering in Dependents section of Form 1040 PG1.

These are the forms that need to be completed.

Year 2021 Forms:

1040, Schedule 1, Schedule 8812, and Form 2441

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Module 3 – CaseTransfer Pricing and Responsibility CentersAssignment OverviewTransfer Pricing In recent years, high-profile cases involving companies

Module 3 – CaseTransfer Pricing and Responsibility CentersAssignment OverviewTransfer Pricing In recent years, high-profile cases involving companies like Apple (Ireland, 2016), Amazon (Luxembourg. 2017), and Starbucks (UK, 2012) have highlighted the risks of using aggressive transfer pricing to minimize taxes. These companies faced public backlash and government scrutiny for shifting

Module 3 – SLPTransfer Pricing and Responsibility CentersAssignment OverviewBlock Chain  Blockchain enhances financial transactions by providing

Module 3 – SLPTransfer Pricing and Responsibility CentersAssignment OverviewBlock Chain  Blockchain enhances financial transactions by providing transparent, secure, and immutable records, reducing intermediaries and fraud risk. In accounting, it automates auditing, reduces errors, and increases transparency with real-time, tamper-proof data. Blockchain also plays a critical role in preventing financial fraud

Option #2: Can Management Accounting Help Aid Associations Make Tough Choices in Haiti?Read the following Case Study: Krumwiede, K. R., Paik, G. H.,

Option #2: Can Management Accounting Help Aid Associations Make Tough Choices in Haiti?Read the following Case Study: Krumwiede, K. R., Paik, G. H., Walden, W. D. (2018). Can management accounting help aid associations make tough choices in Haiti?Links to an external site. Issues in Accounting Education, 33(1), 17–28. Answer the following questions:

Option #2: Can Management Accounting Help Aid Associations Make Tough Choices in Haiti?Read the following Case Study: Krumwiede, K. R., Paik, G. H.,

Option #2: Can Management Accounting Help Aid Associations Make Tough Choices in Haiti?Read the following Case Study: Krumwiede, K. R., Paik, G. H., Walden, W. D. (2018). Can management accounting help aid associations make tough choices in Haiti?Links to an external site. Issues in Accounting Education, 33(1), 17–28. Answer the following questions:

Professional judgment frameworkAccounting for income taxes—valuation allowanceBackground Asbat Pharmaceuticals (Asbat) is a leading pharmaceutical

Professional judgment frameworkAccounting for income taxes—valuation allowanceBackground Asbat Pharmaceuticals (Asbat) is a leading pharmaceutical company that has been in existence for 22 years. Asbat has a calendar year-end and is audited annually. Asbat only operates in the United States and is not subject to state or local income taxation. Its

Module 2 – SLPCost AnalysisAssignment OverviewCost Analysis Understanding the interaction between costs, breakeven points, economic changes, and the

Module 2 – SLPCost AnalysisAssignment OverviewCost Analysis Understanding the interaction between costs, breakeven points, economic changes, and the broader economy is important for business planning. It helps organizations adjust pricing, manage expenses, and forecast profits.  ***SLP 2 Must be Completed Before Case 2*** Module 2 SLP Resources Variable Cost vs.

Module 2 – CaseCost AnalysisAssignment OverviewPricing Considerations Analyzing accounting data is essential for informed financial decisions and

Module 2 – CaseCost AnalysisAssignment OverviewPricing Considerations Analyzing accounting data is essential for informed financial decisions and long-term sustainability. Large quantity price reductions boost sales but impact profit margins. Discontinuing a product affects supply chain, finance, and customer relations, while make-or-buy decisions influence cost control and operational efficiency, shaping overall

Module 1 – CaseFinancial ReportingAssignment OverviewCompare Traditional Reporting vs. TBL Reporting Traditional reporting focuses solely on financial

Module 1 – CaseFinancial ReportingAssignment OverviewCompare Traditional Reporting vs. TBL Reporting Traditional reporting focuses solely on financial performance, while Triple Bottom Line (TBL) reporting evaluates financial, social, and environmental impacts, providing a broader view of a company’s sustainability and long-term value creation. In analyzing trends over five years of financial