Federal Income Tax

Peter and Maria Williams live in Miami, Florida, and have hired your Group to prepare their income tax for the taxable year 2019. Read carefully the following personal and financial information supplied by the William’s family and prepare an Excel spread sheet to answer the questions and requirements shown at the end on page four. (See Attachment)

Personal information is as follows:

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Peter

Taxpayer

Married

Filing Jointly

DOB

6/30/1961

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Maria

Wife

Does not work

Full time Student

DOB

12/31/1966

John

Son

Full time Student

DOB

6/15/2002

Lived with the taxpayer from 06/05/2019 to 12/31/2019

Peter pays more than 50% of his support expenses

Paula

Friend

No full time Student

DOB

1/20/1995

Lived with the taxpayer from 01/01/2019 to 12/31/2019

Carlos

Peter’s Father

DOB

6/1/1933

Retired

Carlos lives in Denver, CO.

Peter contributes with 55% of his Father’s support

Peter is currently working with “ABC” corporation

Peter lost his former job and got unemployment payments

Peter paid alimony to his ex-wife

All in Peter’s family are USA citizens

Peter has a small business he personally runs in his free time

Financial information is as follows:

W-2 From his employer

Wages, tips, other compensation

105,000

Federal income tax withheld

17,850

Social security tax withheld (complete this information)

?

Medicare tax withheld (complete this information)

?

1099-M received from his customers

Accounting Consultant fees received

45,000

Self-Employee Business Activity Reported

Sales

675,000

COGS

268,000

Expense – W-2 Wages paid to their employees

81,800

Expense – Office supplies for business

32,400

Expense – Office Rent paid for business

60,300

Business Property and Equipment

650,000

Other Income and/or Expenses

Unemployment Received

1,600

Alimony Paid

1,250

Medical Expenses

47,000

Health insurance premiums shown on Peter’s W-2

for Peter, Maria, John, Paula & Tim ($5000 each person)

20,000

Peter’s father’s Dental Treatment

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12,500

Prescribed glasses for Maria’s father who lives in NY

650

Medical co-pays for Peter’s wife

350

Peter’s Lab Exams that were not covered by his health insurance

500

Peter’s esthetic plastic surgery to repair a nose problem due to an accident

6,000

Insurance reimbursed 60% of the nose Plastic surgery

?

Maria’s plastic surgery to remove fat excess from her belly

7,000

Mortgage payments and Tax for a Home bought on 06/01/2018 for $745,000

25,600

Principal Paid

10,000

Interest Paid

12,000

Home property State tax Paid

3,600

Mortgage payments and Tax for a Home bought on 06/01/2018 for $745,000

25,600

Principal Paid

10,000

Interest Paid

12,000

Home property State tax Paid

3,600

Other Personal Expenses

23,090

Utilities paid (Home)

4,000

Groceries

5,000

Cable, cell, and internet

1,440

Condominium Association’s Due

2,000

Gas and personal vehicle maintenance

1,600

Home improvements

2,600

A/C and Home Repairs

5,000

Credit card interest (personal)

750

Sales Tax paid

700

Loan Payments for Maria’s Education

8,300

Principal

6,500

Interest

1,800

Donations

28,000

Land donated to” XYZ” Church

25,000

Cash Donated to a needed family who attends your church

3,000

Hurricane Casualty loss – Florida is Federally declared a Disaster Area

Appraisers determined that 60% o the home was destroyed

Appraisers used the Home appraised tax value to determine the loss

575,000

Insurance reimbursed 87.5% of the loss

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Taxpayer pays for his vehicle

2,600

Principal

1,500

Interest

1,100

Rental of vacation Home – information

It was used 30 days for family’s vacations.

The Williams’ live in the city the rest of the year

Vacation home rented for 150 days

15,000

They paid real estate taxes on the vacation home

2,400

Utilities were paid at $150/month

900

Mortgage interest paid to Citibank

4,800

Six months Depreciation

1,200

You Are Required to:

The Williams require you to determine the following as of December 31, 2019:

Determine Social Security and Medicare that should appear in the W-2 form
Self-Employment tax. If any, apply the Social Security Tax only to the maximum amount required
Adjusted Gross Income
Taxable Income after
Total number of dependents
Amount and detailed calculations of the Standard or Itemized deduction as the case may be
Determine any carryover and/or carryforward that applies for any concept
Determine the Qualified Business Income Deduction if applicable
Determine their Payable or Refundable Tax, disregarding all possible credits the Williams might be entitled to.

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