Get help from the best in academic writing.

Self Employment Tax supplemental income and loss & Itemized Deductions Homework

Self Employment Tax supplemental income and loss & Itemized Deductions Homework.

INDIVIDUAL TAX RETURN WITH SOLE PROPRIETORSHIP Note: this assignment is for tax year 2019 (the 2019 tax forms have been reproduced under the Syllabus and Other Info tab). Required: Please print the forms and prepare this tax return in pencil.Then when complete, scan the return onto your desktop and upload it to Blackboard. Facts William Spicer (123-45-5789) and June Spicer (937-65-4321) have two dependent children, Sophie (236-52-6587) age 9 and Carl (236-52-6588) age 7, both of whom live at home. William operates a gourmet market in Raleigh, NC Bill’s Market, as an accrual-basis sole proprietorship. The information on gross sales, expenses, and property transactions is shown below. William receives no salary and therefore, there is no related FICA tax for him. The Market sold a unique piece of equipment for $13,000. It had originally cost $5,000 when purchased on March 5, 2015; it had an adjusted basis of $3,000 when sold on August 15, 2019. The Market also sold a display case for $1,000 on December 12, 2019, that had cost $12,000 when purchased on June 6, 2013; it had an adjusted basis of $4,000 when sold. The gains or losses on these asset sales are the same for tax and financial accounting. The business complies with all Form 1099 requirements. William is also a 10 percent shareholder in Imagineers Corporation, an S corporation, but takes no active role in the business. He received a Schedule K-1 from this S corporation reporting $18,000 in ordinary business income. June is a general partner in The Bridal Shop Partnership. She worked 3 days a week at the shop and received a Schedule K-1 reporting a $12,000 guaranteed payment and $8,000 in ordinary business income. June paid $3,800 for after-school and summer child care while she worked. 2019 financial results for Bill’s Market is as follows: Gross sales ($1,300,000 from credit card sales) 3,700,000 Merchandise purchases 2,480,000 Expenses: Advertising 40,000 Charitable contributions 20,000 Cleaning/maintenance 12,000 Depreciation (MACRS pre-2019 purchases) 3,000 Section 179 expense (2/1/19 display case) 5,000 Payroll taxes 18,000 Health insurance 15,000* Insurance (excludes health) 18,000 Interest expense 1,000 Licenses/fees 4,000 Meals/entertainment 10,000 Office expenses 14,000 Rent 120,000 Salary/wages 210,000 Travel 8,000 Utilities 32,000 *Includes $3,000 for health insurance for William and his family. The following information pertains to the completion of the Spicers’ personal tax return: Interest income $ 500 Dividend income (all qualified) 1,300 Unreimbursed doctor’s bills 8,000 Unreimbursed hospital bills 9,000 Dental bills 2,000 Mortgage interest 14,000 Real estate taxes 3,000 Contributions to their church 1,500 Investment advisor fees $3,659 The Spicers sold 10,000 shares of ABC stock on February 2, 2019 for $4,000. They had purchased the stock on August 1, 2010 for $18,000. During 2019, the Spicers paid $300 with their 2018 North Carolina state income tax return and made $4,600 in estimated payments for 2019 to NC. This amount exceeds their alternate state sales tax deduction. June is a volunteer at the children’s school two days a week tutoring at-risk students. Her total mileage for her trips to and from the school was 1,200 miles. She also had unreimbursed out-of-pocket expenses for teaching materials for these students of $232. Additionally, the Spicers contribute $3,000 each to regular IRAs. The Spicers made 2019 Federal quarterly estimated tax payments of $17,500 each quarter. All payments were made when due. Any refund that the Spicers have for 2019 is to be applied to their 2020 estimated taxes. Form 1040 and Related Forms and Schedules Form 1040: U.S. Individual Income Tax Return & Schedules 1-5 Schedule A: Itemized Deductions Schedule C: Profit or Loss from Business (Sole Proprietorship) Schedule D: Capital Gains and Losses Schedule E: Supplemental Income and Loss Schedule SE: Self-Employment Tax (2) Form 2441: Child and Dependent Care Expenses Form 4562: Depreciation and Amortization Form 4797: Sales of Business Property Form 8582: Passive Activity Loss Limitations Form 8949: Sales and Other Disposition of Capital Assets The Spicers will prepare only one joint tax return, their Form 1040, along with all the required schedules and forms including the Schedule C where the income and expenses for Bill’s Market are reported. A Form 4797 is completed for the business property dispositions; the sale of the stock is entered on the Form 8949; the net gain on the equipment disposition and the gain or loss on the stock are both included on the Spicer’s Schedule D. The depreciation recapture, if any, is also entered on Form 4797 and is transferred directly to the Spicers’ Form 1040. Two other items are not included on the Schedule C—the health insurance for William and his family (which is deducted on page 1 of the Form 1040 as a deduction for AGI) and the charitable contribution (which is included with the Spicers’ personal charitable deductions on their Schedule A). June is allowed to deduct 14 cents per mile for the 1,200 miles driven ($168) for her volunteer work along with her out-of-pocket charitable expenses of $232. Their other itemized deductions are $23,800 for mortgage interest, $7,800 for Real Estate taxes, and $680 for Personal Property taxes. Their dividend income is taxed at the Capital Gain rate, while the rest of their income is taxed at the regular rates.
Self Employment Tax supplemental income and loss & Itemized Deductions Homework

Colin Kaepernick’s Kneeling: Causes and Impacts

Uh! What a shame that these people bash out on anything they see or hear without even knowing the reason behind it. San Francisco 49ers quarterback Colin Kaepernick first knelt during the national anthem as a form of protest against racial injustice, police brutality, and treatment of minorities, particularly African-Americans in San Diego on September 1. It created a huge controversy and almost dividing the nation on whether this was acceptable or not. Some argued that he disrespected the flag and the people who fought for this country while others showed their support for Colin Kaepernick’s peaceful protest. He is right for speaking up for those who can not and by kneeling during the national anthem, he is not trying to offend anybody but just bringing awareness to the people about the reality that people of color are facing today. First Amendment in the Constitution states “ Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances” (US Const. Amend. Ⅰ). According to the First Amendment, people have the right to freedom of religion, speech, and assembly. In the op-ed “Kaepernick has a right, but he’s still wrong” author John Kushma argues that “It is wrong of him to carpet bomb America’s treasured and hard-fought symbols” (Kushma 13). However Colin Kaepernick has the right to kneel during the national anthem and that is an acceptable form of protest, protected by the First Amendment but why are people raging in anger and losing their minds over Kaepernick for not standing during the anthem? Even if you disagree, you should respect his opinion and his stand on this topic. When he chose to kneel during the anthem, he is expressing his thoughts peacefully, using his platform to reach as many people possible and trying to let the nation know about this situation and he never tried to disrespect the American flag or the people. Colin Kaepernick was a great football player. But he sacrificed everything from his fan base to his career to address the racial inequality in today’s world. He may be different from lots of people but he is showing his patriotism unexpectedly or differently. For instance, the author Barton Swaim said that “We have a lot of people that aren’t treated equally, aren’t given equal opportunities” (Swaim 6) in his article “Colin Kaepernick is no Rosa Parks”. This shows that the severity of this situation and how important this is to people of color. This is something that is needed to addressed urgently. Not everybody will accept or agree with Colin Kaepernick. Not everybody will interpret the situation the same as him. People have their right to disagree as John Kushma said “Disrespect the very core of his own good fortune. In other words… bite the hand that feeds him” (Kushma 10). Colin Kaepernick risked his whole life to protest against the unfair treatment of people of color. After all, multi-millionaire successful football player became unemployed, just like that because of protesting for a change? Where is equality? Where is the freedom that is guaranteed to us? Like Micheal Eric Dyson said in his op-ed “The Courage of Colin Kaepernick” that Kaepernick’s situation highlights just how little progress we’ve made in this country in confronting the brutal legacy of racism” (Dyson 4). Racism is the root of this problem. On the other hand, kneeling is a form of showing respect. Colin Kaepernick did not try to offend veterans and people who are serving overseas, protecting our country. People who oppose Kaepernick brought up this situation to show that he is doing something wrong, but that is not the case for all veterans. According to Kelly McHugh-Steward in her op-ed “ My Father Died in Afghanistan, and I Support Colin Kaepernick”, she said “But my father did not die for symbols. He died for people. He died for the rights of all Americans, regardless of their race or religion” (McHugh-Steward 17). This quote shows not only that there are families of veterans who are supporting what Colin Kaepernick is doing and that people fought to make this country, the best country to live. The country that has freedom. The country that welcomes all people regardless of their color. In conclusion, Colin Kapernick kneeling during the national anthem is an appropriate way to protest against the police brutality and racial injustice. He has all the right to do so. The main problem is not Colin Kaepernick kneeling, it is that how the American people perceive this, whether they stand up with him or drag him down. This shows how this country perceive equality as, freedom as, and racism as. Work Cited Page Dyson, Micheal Eric. “The Courage of Colin Kaepernick.” The Undefeated, The Undefeated, 16 Mar. 2018, U.S. Constitution. Art./Amend. I.

ENGLISH 125 Discussion 2

essay writing help ENGLISH 125 Discussion 2.

QUESTION 2Listen to We Real Cool and My Papa’s Waltz. These clips demonstrate the importance of performance, rhythm, and musicality in the poetic form. Describe your listening experience of one or more of the poems. (If you prefer, you may find a recording of another poem from the course readings and describe your listening experience of it instead. If you choose this option, be sure to provide a link to the audio of the chosen poem.) How did hearing the text(s) recited aloud compare to a silent reading of it/them? Did the performance in any ways add to or detract from your experience of the text? Did the performance change your perception of the poem or its content in any ways? Explain how (or how not). Support your ideas with textual details and analysis. When applicable, address how specific literary techniques and/or devices contributed to your experience?Initial posts must be 200 to 300 words in length and posted by Day 3. Respond to at least two of your classmates’ posts
ENGLISH 125 Discussion 2

MA Dissertation on Multiculturalism (Austria, Germany, UK)

MA Dissertation on Multiculturalism (Austria, Germany, UK).

I have alredy written 10 thousands words including intro, lit review, methodology, and first chapter. I need three chapters about study cases (Austria, Germany and UK) relatively. Each chapter should be 2 thousands words. It is extremely important to exclude any definitions and general information about multicularalism itself as it has been already written.. Each chapter requires specific info regarding specific study case. Each chapter needs to be viewed from political (analysis of political spectrum, left vs right), social (assimillation, integration) and cultutural (current status of coexistence of diverse cultures) perspectives relatively within the constraints of given problematics. Central issue has been explained in the first chapter – populist speculations as a challenge to western social democracy. I need specific examples and evidence to be prested in each sudy case chapter accordingly. The number of all immigrants and of muclisms / overview of assimilation and integration, populism and speculations, examples of xenophobia and of successfull identity politics, local attitude towards multicultaralism, the condition of public space and identity politics as well as migrant policy. All the points must be devided into social, cultural and political perspectives consistently. Basically, each chapter must be done in the same structure: 1. INTRO (cuurent agenda in the conutry)+Theses statement (last sentence mentioning social/political/cultural aspects)SOCIAL (as previously desrcribed)POLITICAL (as previously desrcribed)CULTURAL (as previously desrcribed)CONCLUSION (what should be done in this particular country to improve the conditions in which coexistence of diversite cultures would be harmonious)
MA Dissertation on Multiculturalism (Austria, Germany, UK)

The Goal of the Firm Essay

Profit-making organizations have to attain various objectives, but their most important goal is to maximize the wealth of their owners or shareholders. This paper will explain how one can measure the achievement of this goal and the major decision variables that financial managers should take into account. Furthermore, it is necessary to determine if this objective is always justified and if it should be reconciled with the interests of other stakeholders such as customers or employees. These are the questions that should be discussed. Overall, one can say that the wealth of shareholders has to be the main goal of them firm, but there are stakeholders whose needs cannot be neglected. First, it should be noted that mere increase of profitability should not be the only priority for financial managers and corporate executives because it does not always maximize the wealth of shareholders. The thing is that profitability does not include such a factor as risk which influences the rates of return per each share (Gitman, 2009, p. 13). Moreover, profits do not always increase the price of the stocks (Gitman, 2009, p. 13). Therefore, the goal of financial managers is to increase the income of those people who own the stocks of the company. It can be done by raising the price of the stocks. Every decision that managers or executives take should be oriented to this goal. Thus, the interests of owners should be the topmost priority for financial managers and corporate executives. This wealth is usually measured by the share price of the stocks. It is believed that the price of stocks reflects such things as the timing of cash flows, risks, and the magnitude of these flows (Gitman, 2009, p. 13). This is the main indicator of the shareholders’ wealth. While taking any decisions, financial managers should consider two important variables, namely cash flows or returns and risk (Gitman, 2009, p. 13). These are the most important factors that affect the price of stocks. For instance, high returns usually result in the increase of stock prices. In turn, higher risk reduces the price of stocks and increases the amount of compensation that should be paid to stockholders (Gitman, 2009, p. 15). Therefore, financial managers should find balance between cash flows and risks. Every decision or alternative that does increase the price of the stock has to be rejected. This is the main principle that decision-makers should follow while developing strategies of the firm or introducing new products. Get your 100% original paper on any topic done in as little as 3 hours Learn More To a great extent, I agree with this goal. The thing is that every profit organization should first try to maximize the income of people who invested money in it, in other words, one can speak about shareholders. If this objective is not achieved, the very survival of a firm can be imperiled. Moreover, the owners of stocks invested either money or effort in the firm, and their interests have to be the most important ones. Such an approach can be ethically acceptable and it is quite understandable. Nevertheless, one should take into account that there are other stakeholders whose interests cannot be disregarded; in particular, one can speak about clients and workers who can significantly influence the performance of the firm. For instance, if the management tries to reduce the company’s operational costs only by downsizing the personnel, they can lose the loyalty of these workers, and some good employees may eventually leave the company. As a result, the firm will have to struggle with increased turnover that can very harmful for its organizational performance. Furthermore, lack of attention to the quality of products or services, may lead to litigation and loss of market share (Gitman, 2009, p. 17). In the long term, such an approach can result in the decrease profitability and reduced price of the stocks. Therefore, one can say that the wealth of shareholders should be the first priority for financial managers, but this goal should be reconciled with interest of customers or employees; otherwise, the wealth of shareholders may eventually decline. Thus, senior managers should think about various stakeholders who can contribute either to the success of the firm or to its failure. This is the most important issue that managers and executives should remember. Overall, this discussion shows that managers have to find ways of increasing the wealth of owners or people who invested capital in the firm. This is the main objective that every profit organization has to pursue; otherwise it is not likely to survive in the long term. Nevertheless, one should not forget that there are other groups of people who can shape the organizational and financial performance of a company, namely clients and employees. By overlooking their needs, managers can achieve some short-term improvements and even increase the price of stocks. However, this strategy can weaken the company’s competitiveness and lost its positions in the future. This is the main risk that decision-makers should bear in mind, if they want to ensure sustainable growth of the firm. We will write a custom Essay on The Goal of the Firm specifically for you! Get your first paper with 15% OFF Learn More Reference List Gitman, L. (2009). Principles of Managerial Finance. New York: Pearson Education, Limited.

Essay Writing at Online Custom Essay

5.0 rating based on 10,001 ratings

Rated 4.9/5
10001 review

Review This Service