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FAQ Elf Village Productions50 Sheet Legal Pad Building Blocks of Accounting .. A Taxation Perspective FAQPage 1 FAQ 01My file used to upload, why is it not uploading? Answer:Sometimes we unknowingly add items to a workbook that inhibits the upload process. The conversion to a Excel Binary Workbook (*.xlsb) version generally fixes the situation. If the problem continues simple send your BINARY file as an attachment with your username and password…
[email protected] Windows Operating System SelectFile SelectSave As SelectSave As Type: SelectExcel Binary Workbook (*.xlsb) SelectSave SelectContinue or Yes if prompted or if it indicates that there is limited memory. Upload the file at cybertext.com Apple Operating System SelectFile SelectSave As SelectFormat: SelectExcel Binary Workbook (*.xlsb) SelectSave Upload the file at cybertext.com Tax Rate Schedule Elf Village Productions50 Sheet Legal Pad Tax Rate Schedules for tax year2019 Schedule X—Single If taxable income is: OverBut Not OverThe tax is: $0.00$9,700.0010% of the taxable amountERROR:#REF!- 010 $9,700.00$39,475.00$970.00 plus 12% of the amount over $9,700.009,700.00970.0012 $39,475.00$84,200.00$4,543.00 plus 22% of the amount over $39,475.0039,475.004,543.0022 $84,200.00$160,725.00$14,382.50 plus 24% of the amount over $84,200.0084,200.0014,382.5024 $160,725.00$204,100.00$32,748.50 plus 32% of the amount over $160,725.00160,725.0032,748.5032 $204,100.00$510,300.00$46,628.50 plus 35% of the amount over $204,100.00204,100.0046,628.5035 $510,300.00no limit$153,798.50 plus 37% of the amount over $510,300.00510,300.00153,798.5037 Schedule Y-1—Married Filing a Joint Return and Surviving Spouses If taxable income is: OverBut Not OverThe tax is: $0.00$19,400.0010% of the taxable amount- 0- 010 $19,400.00$78,950.00$1,940.00 plus 12% of the amount over $19,400.0019,400.001,940.0012 $78,950.00$168,400.00$9,086.00 plus 22% of the amount over $78,950.0078,950.009,086.0022 $168,400.00$321,450.00$28,765.00 plus 24% of the amount over $168,400.00168,400.0028,765.0024 $321,450.00$408,200.00$65,497.00 plus 32% of the amount over $321,450.00321,450.0065,497.0032 $408,200.00$612,350.00$93,257.00 plus 35% of the amount over $408,200.00408,200.0093,257.0035 $612,350.00no limit$164,709.50 plus 37% of the amount over $612,350.00612,350.00164,709.5037 Schedule Y-2—Married Filing Separately If taxable income is: OverBut Not OverThe tax is: $0.00$9,525.0010% of the taxable amount- 010 $9,525.00$38,700.00$952.50 plus 12% of the amount over $9,525.009,525.00952.5012 $38,700.00$82,500.00$4,453.50 plus 22% of the amount over $38,700.0038,700.004,453.5022 $82,500.00$157,500.00$14,089.50 plus 24% of the amount over $82,500.0082,500.0014,089.5024 $157,500.00$200,000.00$32,089.50 plus 32% of the amount over $157,500.00157,500.0032,089.5032 $200,000.00$300,000.00$45,689.50 plus 35% of the amount over $200,000.00200,000.0045,689.5035 $300,000.00no limit$80,689.50 plus 37% of the amount over $300,000.00300,000.0080,689.5037 Schedule Z—Head of Household If taxable income is: OverBut Not OverThe tax is: $0.00$13,850.0010% of the taxable amount- 0- 010 $13,850.00$52,850.00$1,385.00 plus 12% of the amount over $13,850.0013,850.001,385.0012 $52,850.00$84,200.00$6,065.00 plus 22% of the amount over $52,850.0052,850.006,065.0022 $84,200.00$160,700.00$12,962.00 plus 24% of the amount over $84,200.0084,200.0012,962.0024 $160,700.00$204,100.00$31,322.00 plus 32% of the amount over $160,700.00160,700.0031,322.0032 $204,100.00$510,300.00$45,210.00 plus 35% of the amount over $204,100.00204,100.0045,210.0035 $510,300.00no limit$152,380.00 plus 37% of the amount over $510,300.00510,300.00152,380.0037 Welcome Taxgrader1516 Ver 20 08 20 10.21.08 20 08 20 10.21.08 Elf Village Productions50 Sheet Legal Pad Welcome to the world's first ePractice case, a learning tool that requires you to use source documents and complete “real world” tax forms in a self-grading excel based practice set. You have been assigned to complete a tax return for one of the firm's clients. The relevant information can be found on the "Facts" sheet and also on the related source documents. The tax manager will review your work and will provide you with immediate feedback when you upload the excel file to the same screen that it was downloaded from: www.cybertext.com, The Book List, Building Blocks of Accounting .. A Tax Perspective, Enter password, Upload Your Excel File. University of Miami FirstLastSSFileSchool keesanlewis1843KL8802University of Miami Keep two copies of your spreadsheet in two separate places in case one does not work. You may find it easier to work on this project if you print a hard copy of the Facts sheet. NOTE: If the program is not working e-mail
[email protected], 305.284.6296. 9519181112 Facts Elf Village Productions50 Sheet Legal Pad This is the case assigned to keesan lewis KL8802 01.Our clients Harry Kennedy, DOB: 6/24/1972, SS# 993-01-2019 and Hailey Kennedy, DOB: 7/28/1969, SS# 992-34-0059 have been married for 25 years. 02.They live at 1245 Flagler Avenue Coral Gables, FL 33143. 03.Harry is an accountant and Hailey is an excel consultant. 04.keesan, their child was born 3/25/1999. keesan has received a 1098-T for attending the first semester at Coral Gables Community College SS#, 990-50-0033. keesan is a fulltime student and lived at home and keesan's parents paid for more than half of keesan's living expenses. 05.Avery, their new baby was born 6/28/2019. Her SS number is, 986-67-0045. Andrew lewis born 3/27/2011, SS# 987-67-0013 is a first cousin of Hailey and lived with her since February of 2019. Hailey provided 80% of Andrew's support. Andrew's total income for the year was $3,000.00. 06.Harry received a W2 from McGladrey and a W2 from Grant Thornton , and did not participate in an employer provided retirement plan during the year. Hailey inherited $ 90,000 from her grandfather in September 2019. 07.Hailey received a K1 from MNH Corp. in which she did not materially participate although all her money was at risk. Hailey paid estimated federal taxes of $4,095.00. 08.They received a 1099-INT from Metropolitan Bank and $1,110 from Coral Gables Municipal General Revenue Bonds. 09.As per a 1098-I, Harry and Hailey paid Wells Fargo Bank $8,900.00 in interest for the home mortgage. They also paid $3,875.00 in real estate taxes, $2,416.00 for homeowners insurance on the home and $241.60 to have it painted. 10.Other interest and taxes paid by Harry and Hailey include: $1,220.00 interest on the loan for the Dodge, the personal automobile which is shared with keesan, $571.00 interest on credit cards and general sales tax of $2,400.00 for which they have receipts. Note: the general sales tax rate is 7.00% 11.The total annual cost of medical insurance for the entire family was $15,121.00 and paid by Harry through an employer provided health insurance plan on an after-tax basis.. Harry and Hailey paid $2,797.00 for prescription drugs, $800.00 to doctors and dentists, and $2,875.00 to hospitals and clinics. These amounts were co-payments or amounts not covered by insurance. Contact lenses for keesan that was not covered by insurance cost $600.00 and cosmetics and other non prescription items from the drug store cost $300.00. 12.Hailey started Coral Gables Consulting, as a cash method sole proprietorship, on April 15, 2009. The 2019 revenue associated with the business was $24,800.00. The following expenses were incurred $1,636.00 advertising, $8,750.00 supplies and postage of $323.73. She uses a desk in the corner of her bedroom as her office. 13.Hailey uses a cell phone for business and another cell phone for non-business calls. The cost of the business cell phone was $2,582.00, while the cost of the private phone was $600.00. 14.Harry and Hailey have the requisite statements from the charities supporting the following contributions to qualified charitable organizations: -Cash of $2,400.00 given to Plymouth Church in Coral Gables on 3/6/2019. -A sofa given to Goodwill in Coral Gables on 3/7/2019. The sofa was purchased on 6/28/2014 for $1,160.00 and the fair market value (based upon comparable sales in thrift shops) at the date of contribution was $185.00. - One hundred shares of Home Depot Inc. was given to the University of Miami. The stock was purchased on 1/5/2017 for $1,400.00. When it was donated on 10/3/2019 it had a value of $2,800.00 based on the sale of other shares that same day. 15.Harry and Hailey sold 200 shares of Home Depot Inc. stock. The stock was purchased on 1/5/2019 for $2,800.00 and was sold on 10/3/2019 for $5,600.00. On 12/7/2019 they sold 200 shares of Sub Prime Mortgage Corporation for $1,650.00 which cost $5,300.00 when purchases on 3/1/2010. 16.Harry paid $215.00 for subscriptions to professional journals and attended a professional conference in New Orleans. He paid a registration fee of $200.00, $371.00 for airfare, $568.00 for hotel and $230.00 for meals. These items were not reimbursed. In July of 2019, Hailey received $75.00 for jury duty pay. 17.Harry and Hailey paid $140.00 in April of 2019 for the preparation of the 2018 tax return and $50.00 for a safe deposit box rental fee that was used for the storage of investment securities. 18.Hailey contributed $2,800.00 to a traditional individual retirement account on December 18, 2019. This was the first time she contributed to an IRA. 19.On September 8, a freak tornado damaged their home. They filed a claim with their insurance company but received only $11,000.00 due to the high deductable on their policy. The home had a cost of $260,000.00 when they purchased it on 7/2/2001. It was valued at $330,000.00 before the incident and $270,000.00 immediately after. 20.Harry and Hailey went to Las Vegas three times in 2019. The total cost of airfare, transportation, meals and expenses were $6,000.00. During the year the gambling winnings