ACA1 Task 2 A. Filing Status: There are two choices of filing status available to this taxpayer couple‚ married filing separately and married filing jointly. For this taxpayer couple the recommended filing status is married filing jointly. The tax rates would be higher if they filed separately. Additionally‚ some deductions (e.g. tuition and student loan interest)‚ credits (e.g. Earned Income Credit) and exclusions would not be allowed if they filed separately. Since they sold a personal
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FAN COMPANY A Memo To: Fan Company A From: WGU Student Date: 3/23/14 Re: Depreciation Method Recommendations The calculation of the straight line method of depreciation is by taking the cost of the item minus its salvage value then dividing that figure by the expected year’s life cycle of the item. This is a non complex calculation and it reduces net income and the equal amounts of depreciation are deducted from every life cycle year of the item. The double declining balance method of depreciation
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ACA1 Tax Treatments for Individual Returns (Task 302.2.3) A. Recommended Tax Filing Status The tax filing status that I would recommend is Married Filing Joint. The reason for this is that the IRS has various tax breaks for married persons that file together that are unavailable if you file married filing separate. It also affect the tax rate‚ they will pay a lower rate of taxes if they file together than they would if they filed separately. A2a. Taxable and Non-Taxable Income Taxable
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the mother supplies the couple with $7920 a year. The money that she supplies is what she receives from her Social Security benefits. The reason that the couple should not file under the status married filing separately is because the tax rates are higher than the tax rates for those filing under the status married filing jointly. Also‚ there several deductions‚ credits‚ and exclusions that are allowed for the status married filing jointly that are not allowed for those that are choosing to file separately
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Assignment 302 Task A What Is Reflective Practice? Reflective practice helps social workers to develop an understanding of practice events. Group sessions may lead to action in certain cases‚ but that is not the main goal of the reflective process; instead‚ developing understanding in the context of a supportive peer group makes it easier for social workers to admit feelings of frailty‚ failure and personal vulnerability. It is a "safe" space in which to talk without fear of repercussion - and
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Income Tax Return Assignment You have your own CPA tax practice and you are greeted with new clients: Albert and Jenny Cunningham and their two children. You meet with them and they give you the information shown below. They would like you to prepare their tax return for 2013. They would like to file married filing jointly. NOTE: Reference to the “current tax year” below for the taxpayers‚ Albert and Jenny‚ it is for the calendar year 2013. Albert and Jenny Cunningham (both 42 years
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Tax Return Position Terrence Bellamy ACC/455 – Corporate Taxation April 15‚ 2013 John Nadalet Tax Return Position What position should you take on tax return? Decision-making is loosely defined as the cognitive process or reaching or making a certain choice based on physical‚ mental‚ and emotional reasoning. (“Define Decision Making”‚ 2013.) I have found myself making several decision on tax returns every year‚ some small‚ and others large and life altering. People can found themselves seriously
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709 United States Gift (and Generation-Skipping Transfer) Tax Return Department of the Treasury Internal Revenue Service (For gifts made during calendar year 2012) Form ▶ Information OMB No. 1545-0020 about Form 709 and its separate instructions is at www.irs.gov/form709. ▶ 2012 See instructions. 1 Donor’s first name and middle initial 2 Donor’s last name Sandy 3 Donor’s social security number Perry 123-45-6789 5 Legal residence (domicile) 4278 Red
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Tax Return Worksheet Directions Review Gloria Ramsay’s tax return. Answer the following questions based on the information listed in her return. 1. Even though Gloria is single‚ her filing status is Head of Household. Why is Gloria able to file as head of household? Gloria is able to file head of house hold in this case because‚ she has a qualifying dependent. A qualifying dependent would be a closely related relative dependent that you have provided for maintaining a home for yourself
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Tax Return Worksheet Team “C” FP/120 December 3‚ 2010 Joseph Brennan‚ Instructor University of Phoenix Tax Return Worksheet 1. Even though Gloria is single‚ her filing status is Head of Household. Why is Gloria able to file as head of household? Gloria is able to file head of household because she is a single parent who lives with and pays more than half of the support for her dependent child. 2. How does Gloria benefit from filing as head of household‚ rather than single?
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