Order from us for quality, customized work in due time of your choice.
Purpose
The purpose of this assignment is for you to be able to calculate the gross income, adjusted gross income, taxable income. and tax liability components of the US federal income tax formula, prepare a US federal individual income tax return using US federal income tax laws and write a memo stating your reasons for: 1) including and not including amounts of income; 2) deducting and not deducting amounts from income; 3) claimed and did not claim tax credits; and 4) claiming the standard deduction or itemized the deductions.
Skills
The purpose of this assignment is to help you practice the following skills that are essential to your success in this course, in this field, and in professional life beyond school:
Module objective 1: Calculate the gross income, adjusted gross income, taxable income. and tax liability components of the US federal income tax formula
Module objective 2: Prepare a US federal individual income tax return using US federal income tax laws and a supporting memo
Knowledge
This assignment will also help you to become familiar with the following important content knowledge in this discipline:
Content knowledge item 1: The gross income, adjusted gross income, taxable income, and tax liability components of the US federal income tax formula
Tasks
Step 1: Review the attached Word Document
Step 2: Choose taxpayer’s filing status
Step 3: Determine if the taxpayer has dependent children and/or dependent relative
Step 4: Identify 1) items that are included and excluded from gross income; and 2) items that are deductible and not deductible from gross income
Step 5: Determine if the taxpayer should claim a standard deduction or itemize deductions
Step 6: Determine the taxpayer’s tax credits
Step 7: Calculate the taxpayer’s adjusted gross income, taxable income, and amount of tax refund or taxes owed
Step 8: Complete Form 1040, individual income tax return, Schedule 3, additional credits and payments, Schedule A, itemized deductions, and other relevant tax forms
Step 9: Write a memo stating the reasons why you:
Included and did not include amounts in income;
Deducted and did not deduct amounts from income;
Claimed and did not claim tax credits; and
Claimed the standard deduction or itemized the deductions.
Step 10: Click Submit Assignment in the upper right to choose the upload type for your assignment, Then click Submit Assignment to complete the submission.
Order from us for quality, customized work in due time of your choice.