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A Detailed information of the problem is provided in the file attached below.
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Income Tax
Practical Tax Problem
You are to prepare a tax return for Jeff and Samantha Smith. You need to make up Social
Security numbers for them. They have two children, Annette and Sophie. You need to make up
Social Security numbers for them. Both Annette and Sophie are in elementary school. Jeff is
self-employed as an insurance salesman. Samantha is an elementary school teacher. You are to
makeup addresses for their residence and for Jeff’s insurance business. Jeff’s business is on the
tax basis and materially participates in the business. All forms can be found at irs.gov “Forms
and Publications”. The 1040 will have tax tables for you to complete the return. You will need
the following forms; 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, and
Schedule SE. The tax tables should be in the Form 1040 section. If you need a publication to
assist in your preparation, then go to “Search” in “Publications.” The following is the
information you will need to complete the tax return.
Jeff’s Insurance Income
Samantha’s School Income
Samantha’s Withholding
Samantha’s FICA/Medi-Care
Samantha’s College Interest
Royalty from Consolidated Gas
Medical Insurance
Doctors
Eyeglasses
Dentists
Mortgage Interest
Taxes on Homestead
Contributions to Church
Samantha’s Union Dues
Samantha’s Teacher Expenses
Tax Return Preparation
Interest on Allied Savings
Dividend Income
Jeff’s Insurance Expenses
Travel
Meals
Office Supplies
Auto Expenses
Rent
Business Taxes
Business Insurance
Internet
Books
Continuing Education
40,000
32,000
4,000
2,400
1,200
700
3,000
2,000
300
200
6,000
3,000
3,000
300
200
100
200
100
400
300
1,000
3,000
4,000
100
400
300
200
500
Jeff’s Insurance’s Expenses
Telephone
1,500
Tolls
200
Storage
200
Estimated Tax
Payments
6,000
Bank Charges
200
Sale of Diamond Co.
Gross Sales
3,000
Basis
2,000
(Assume Long Term)
Partnership Income From
Smith Family Partnership
1,000
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