Business......filing taxes example.....Turbo tax......due tomorrow

Taxpayer Information:

Taxpayer Spouse Dependent 1 Dependent 2

Name John Coltrane Alice Coltrane Steven Coltrane Trixie Coltrane

Filing Status Married

Social Security Number 525-44-5155 145-54-5541 554-55-8455 864-54-4453

Date of Birth 09/22/65 07/10/67 06/02/10 10/30/12

Address

Phone Number (562) 862-4451

Occupation Musician Teacher Son Daughter

Other Taxpayer Information:

Can you be claimed by another taxpayer - No Other States? - No

Student? - No Foreign Bank Account? - No

Dependent Children lived with Parents for 12 months.

Taxpayer Spouse Total

Employer Information reported on Form W-2

Employer Name Disneyland Whitney Elementary

Employer Federal ID Number 25-5545511 33-4545154

Box 1 Wages, Tips, other comp. 87,255.25 42,844.32 130,099.57

Box 2 Federal Income Tax Witheld 7,855.25 1,566.35 9,421.60

Box 3 Social Security Wages 90,255.25 42,844.32 133,099.57

Box 4 Social Security Tax Withheld 5,595.83 2,656.35 8,252.17

Box 5 Medicare Wages 90,255.25 42,844.32 133,099.57

Box 6 Medicare Tax Witheld 1,308.70 621.24 1,929.94

Box 7 Social Security Tips -

Box 8 Allocated Tips -

Box 10 Dependent Care Benefits -

Box 11 Non Qualifed Plans -

Box 12 401 (K) Contributions (Option D) 3,000.00 3,000.00

Box 13 Retirement Plan ? Y

Box 15 State (CA) Employer ID 238-57-672 244-08-2856

Box 16 State Wages 87,255.25 42,544.32 129,799.57

Box 17 State Taxes 2,454.25 807.36 3,261.61

Other Income: Taxpayer Spouse Total

Alimony Received -

IRA Distributions -

Rental Real Estate -

Unemployment Compensation -

Social Security Benefits -

Social Security Taxable Amount -

Adjustments to Income: Taxpayer Spouse Total

Educator Expenses 1,800.00 1,800.00

Deductible Part of Self Employment Tax -

Alimony Paid 11,000.00 11,000.00

Alimony Recipient SS# (Eva Gardner) 665-52-5655

IRA Deduction 800.00 800.00

Student Loan interest deduction -

Tuition and Fees (Form 8917) -

Itemized Deductions: Taxpayer Spouse Total

Medical Expenses -

State Taxes Paid from W2 2,454.25 807.36 3,261.61

ACCT 61 - Turbo Tax Accounting

Practice Case 2-2 - 2018

2544 East First Street, Huntington Beach, CA 92214

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ACCT 61 - Turbo Tax Accounting

Practice Case 2-2 - 2018

Personal Property Tax 265.00 265.00

Property Tax on Real Estate 1,865.00 1,865.00

Mortgage Interest Paid (Wells Burbank) 9,958.00 (Form 1098) 9,958.00

Outstanding Mortgage Balance 1/1/2017 263,600.00

Mortgage Origination Date 10/20/2012

Charitable Gifts by cash (Musicians Widows) 800.00 800.00

-

Tax Credits: Amount EIN Other Information

Credit for Child Care Expenses 1,850.00 32-6554551 Playtime Nursery School, 4453 East Third

St, Huntington Beach, CA

92244

8,500.00 14-6554554 CSULB Music Conservatory, 2000 Atherton Street, Long

Beach, CA 90815, John

Graduate Student

Books and Materials 850.00 No Scholarships or grants

Earned 4 year degree before 2016? Yes

Receive credits in previous years No

Felony Convictions? No

Residential Energy Credits (Form 5695) 800.00 Solar Electric Panels

Payments: Taxpayer Spouse Total

Estimated tax payments:

Quarter 1 500.00 500.00

Quarter 2 500.00 500.00

Quarter 3 500.00 500.00

Quarter 4 500.00 500.00

Amount to apply to 2017 Federal taxes -

Business Income: Taxpayer Spouse Total

Type of Business Music Promotion

Gross Income 8,443.22 8,443.22

Purchases of Inventory 600.00 600.00

Expenses: -

Office Expenses 300.00 300.00

Advertising 625.00 625.00

Legal and Professional Fees 254.00 254.00

Supplies 180.00 180.00

Business Travel - -

Taxes and Licenses 800.00 800.00

Insurance 350.00 350.00

-

-

Use Home address as the Business address Cash method of Accounting

No Employees Inventory Method = Cost

Business Code = 454930 Beginning Inventory = 100, Ending Inventory = 120

Check Figures:

Adjusted Gross Income 123,025

Taxable Income 90,676

Amount Due 731

Education Credits (Form 1098T) for University

Tuition

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