Fill the details/instructions form and checkout for your essay - pro writers; top college graduates only in less than 5 mins, NO AI—Plagiarism-free!.
Posted: January 19th, 2023
2013 income tax information
David P. and Karen
M. Stevens are married and file a joint income tax return. Their social
security numbers
are 133-99-4444 and 144-33-3333, respectively. They have two children, a
son named Paul A.
Stevens, age 14, social security number 132-99-6565 and a daughter,
Anne M. Stevens,
age 10, social security number 132-88-5656. David and Karen have
been married for
16 years and purchased their current home in 2003. The family lives at 1075
Jackson Drive in
Coastal City, GA 31133.
Karen is a college
professor employed by a university. David is a pediatrician. He is self-
employed and
leases office space in a medical building near the local hospital. David and
Karen report their
income using the cash method.
Karen is covered
by a qualified retirement plan through her work. She partcipates in a group
health insurance
plan that covers all four members of the family. The health insurance plan
for David’s
medical practice covers only the full-time receptionist.
Income and
expense information:
Karen’s salary
(reportable W-2 amount)
96,000
David’s medical
practice:
Gross receipts
287,000
Interest income on
business account **
789
Expenses on office
books:
Attorney’s fees
1,000
Business license
400
Contract labor
2,200
Country club dues
paid by practice
4,200
County property
taxes on office furnishings, computer
system, and other
equipment
600
Depreciation on
office furnishings & equipment
4,615
Health insurance
for receptionist
5,275
Malpractice
insurance
26,000
Payroll taxes
2,988
Professional
journals and literature
2,160
Receptionist’s
salary
31,000
Rent – office
24,000
Repairs and
maintenance
1,400
Utilities
9,650
Contribution to lobbying
group representing doctors
1,450
**report interest
on the schedule for interest Income
Other income and
deductions:
Dividends reported
by brokerage account at Merrill Jones.
Total ordinary
dividends of $4,640, of which $4,400 are qualified
The dividends were
paid by U.S. corporations operating domestically.
Sale of land held
for investment:
Sold: 9/30/2013
Sales price
102,000
Acquired:
08/15/2006 Cost
99,600
The land was not
used in a trade or business by the taxpayers.
The sales was
reported on a Form 1099-B that does not disclose
the basis of the
property.
Sale of stock in
ABC Bank, Inc.
Sold: 03/03/2013
Sales price
14,000
Acquired:
09/30/2005 Cost
15,750
Form 1099-B
reported the sales proceeds also discloses the basis.
There is a
short-term loss of $2,970 carried over from the 2012 return.
Interest income on
family savings account at My Bank, Inc.
1,820
Medical expenses
incurred during 2013 that were not reimbursed
by insurance:
Doctors and
dentists
6,210
Hospital
12,085
Contact lenses and
glasses
820
Real estate taxes
on personal residence
5,070
Home mortgage
interest expense
13,760
Charitable
contributions paid by check:
Church
8,800
United Way
400
Red Cross
200
Individual
retirement acccount contribution – David
5,000
Contribution is
made to a traditional IRA.
Accounting fees
paid in April 2013 for the preparation of
the couple’s 2012
income tax returns. 65% of the fees
are attributable
to David’s medical practice.
1,400
Income taxes paid:
Karen had the
following 2013 income taxes withheld from her salary.
Federal
17,800
State
3,000
The balance due on
the couple’s state income tax return for 2012
was $720. The
balance was paid in April of 2013 when the return
was filed.
Federal
State
2013 estimated
taxes paid by David:
4/15/2013
9,300
1,000
6/15/2013
9,300
1,000
9/15/2013
9,300
1,000
1/15/2014
9,300
1,000
Other
information:
Assume that David
and Karen are not subject to alternative minimum tax.
Do not prepare
Form 6251 as part of the return.
David and Karen’s
2012 federal tax was $54,000. They should not be subject to
penalty for
underpayment of estimated tax, even if additional tax is owed with
the return.
David’s office
address: 1600 Hospital Bouldvard, Suite 550
Coastal City, GA
31133
David’s business
employer identification number:
58-4443355
Business name:
Psychiatric Clinic
You are not
required to complete Form 4562 (depreciation expense form) for
the medical
practice. Form 4562 is not required if there are no assets placed in
service during the
current taxable year. You may enter the depreciation expense
for continuing
assets on the forms reporting the medical practice income.
Every student wants the best grades and that’s our Focus
Our team consists of outstanding writers who have specialized knowledge in specific subject areas and professionals experienced in academic research writing. They hold at least a graduate degree—230 with Masters and MSN qualifications, experts carefully selected and trained to ensure the best quality of our work. .
We’re dedicated to bringing on board top-notch writers who can provide excellent work at prices that make sense for college students; affordable papers. Our goal? To give you the best bang for your buck without ever compromising on the quality of our essay writing services—or the content of your paper. #Don’t forget to use the DISCOUNT code in the COUPONS section of the order form before you pay!.
The service guarantees that our final work is 100% original, rearched and human written expertly. We are committed to delivering plagiarism-free and AI-free work to each university/college student's 'write my paper' request. To uphold this promise, we check every draft for any possible instances of duplication, wrong citation, grammar errors and artificiality before we send it to you. Thus, you can always rely on us to write genuine and high-standard content for your essay assignments.
When you trust to place an order with Homework Ace Tutors, here is what happens: