Assignment 2: Financial Planning
(25.0 points) 1. Describe one short-term goal that you have and at least one thing you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points) One short term goal I have is to have a good GPA on my Progress Report, the one thing I’ll have to do to accomplish that is to do all my work in each class. 2. Describe one long-term goal that you have and at least two things you will need to do in order to accomplish that goal. (2-4 sentences. 1.0 points) My long-term goal is to be famous; two things I will have to do to accomplish that are to get my entertainment permit and find a manager and or an agent. 3. Describe two of your long-term financial goals, and explain why these
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Make sure the Save in drop-down list is set to your Section_2 folder. If not, click the drop-down list, then click Local Disk (C:), then double-click your course folder, and then double-click the Section_2 folder.
d. In the Name: field, type Example_1040EZ followed by your initials.
e. Click Save. 9. Follow the instructions below to fill out the 1040EZ form using Jessie Robinson's information. Be sure to save your work! (5.0 points for completing the 1040EZ form correctly according to the instructions below) TIP: You can refer to Section 2, Lesson 2 for help in filling out the form.
a. Fill out the Income section of the 1040EZ form, using the following information:
i. The gross income information from Jessie Robinson's W-2 form. TIP: This is the amount from question 7b above. ii. This employer was Jessie's only source of income. iii. Jessie had no taxable interest. iv. Jessie was not an Alaska resident.
v. Jessie has no spouse and can't be claimed as a dependent by someone else.
b. Fill out the Payments, Credits, and Tax section of the 1040EZ form using the following information:
i. The federal income tax withholding information from Jessie's W-2 form. TIP: This is the amount from question 7c above. Social Security tax and Medicare tax are not important to the 1040EZ form. ii. Jessie can't be claimed as a dependent by anyone else. iii. Jessie is not claiming the Earned Income Credit. iv. Jessie is not a member of the U.S. Armed Forces who served in a
32. Which of the following amounts must be included in the gross income of the recipient?
b. Fill out the Payments, Credits, and Tax section of the 1040EZ form using the following information:
* What are the differences between the following components of taxable income? Provide at least one example of each.
2. In your Section_5 folder, navigate to and open the Example_Credit_Report, and then answer the questions below. N/A
a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above?
For an individual who pays personal income taxes at a rate of 30 percent, which of the following statements is most correct?
Louise McIntyre’s monthly gross income is $3,000. Her employer withholds $700 in federal, state, and local income taxes and $250 in Social Security taxes per month. Louise contributes $100 per month for her IRA. Her monthly credit payments for VISA
Which of the following amounts must be included in the gross income of the recipient?
Payroll Taxes FICA Taxes Payable - OASDI FICA Taxes Payable - HI FUTA Taxes Payable SUTA Taxes Payable
(TCO B) In which of the following situations may taxpayers file as married filing jointly? (Becker CPA Review Course)
You need to look up your taxable income on the official IRS tax table, to determine the "tax" amount, and enter than amount on line 10.
2. Which two statements describe how taxes influence decisions made when filing a return for an individual taxpayer?
16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income
She can use Schedule C that is part of the Form 1040 in joint filing. Separate can also mean LLC which does report separately. Tax on the income will be part of their joint return, whether using a Schedule C or LLC.
The petitioner is structured as an S corporation. The alien labor certification application with a priority date of April 30,2001 filed with the I-140 petition reports a proffered wage in the amount of $35,401.00. The petitioner’s tax returns for the years 2001 through 2009 report the following ordinary business income[ shown on line 21 of page 1 of IRS Form 1120S.]: