Prepare 1040 With Appropriate Schedules and A Memorandum

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Prepare 1040 With Appropriate Schedules and A Memorandum

Steve and Mary Anderson were married on January 1, 2019. Mary has a seventeen year-

Prepare 1040 With Appropriate Schedules and A Memorandum

old son, George Taylor, from her previous marriage. George is a student with no

Prepare 1040 With Appropriate Schedules and A Memorandum

income. George lives with Steve and Mary who have provided all of George’s support

Prepare 1040 With Appropriate Schedules and A Memorandum

since their marriage.

Prepare 1040 With Appropriate Schedules and A Memorandum

Steve’s SS# is 999-11-1111; Mary’s SS# is 666-22-2222; and George’s SS# is 777-

Prepare 1040 With Appropriate Schedules and A Memorandum

00-0007.

Prepare 1040 With Appropriate Schedules and A Memorandum

The Andersons live at 5432 Ordinary Street, Everywhere, VA 20XXX. They do not

Prepare 1040 With Appropriate Schedules and A Memorandum

want the $3 to go to the Presidential Fund and did not have any virtual currency

Prepare 1040 With Appropriate Schedules and A Memorandum

transactions in 2021.

Prepare 1040 With Appropriate Schedules and A Memorandum

Steve and Mary were born in 1970 and neither is blind.

Prepare 1040 With Appropriate Schedules and A Memorandum

Steve works as a computer programmer at Compu-Job Inc. (CJI). Mary is selfemployed

Prepare 1040 With Appropriate Schedules and A Memorandum

and runs a day care center. The Andersons reported the following

Prepare 1040 With Appropriate Schedules and A Memorandum

financial information pertaining to their activities during the 2021 calendar year.

1. Steve earned a $155,000 salary for the year.
2. Steve borrowed $12,000 from his employer, CJI, to purchase a car. CJI

charged him 2 percent interest on the loan, which Steve paid on December

31, but would have charged Steve $720 if interest was calculated at the

applicable federal interest rate. Assume that tax avoidance was not a motive

for the loan.

1. Mary won a $900 cash prize at her church-sponsored Bingo game.
2. The Andersons received $500 of interest from an XRS Corp. corporate bond

and $250 of interest from a municipal bond from Anytown, VA. Mary owned

these bonds before she married Steve.

2. The couple bought 50 shares of ABC Inc. stock for $40 per share on July 2.

The stock was worth $47 a share on December 31. The stock paid a

dividend of $1.00 per share on December 1. The Andersons still own the

stock.

14. Mary’s father passed away on April 14. She inherited cash of $50,000 and

his baseball card collection, valued at $2,000. As beneficiary of her father’s

life insurance policy, Mary also received $150,000.

1. The couple spent a weekend in Atlantic City in November and came home

with gambling winnings of $1,200.

1. Steve received $400 cash for reaching 10 years of continuous service at CJI.
2. For meeting his performance goals this year, Steve was informed on

December 27 that he would receive a $5,000 year-end bonus. CJI (located

in Houston, Texas) mailed Steve’s bonus check from its payroll processing

center (Tampa, Florida) on December 28th. Steve didn’t receive the check at

his home until January 2.

1. Mary’s daycare business collected $45,000 in revenues. In addition,

customers owed her $3,000 at year-end. During the year, Mary spent $5,500

for supplies, $1,500 for utilities, $15,000 for rent, and $500 for miscellaneous

expenses. One customer gave her use of his vacation home for a week

(worth $2,500) in exchange for Mary allowing his child to attend the day care

center free of charge. Mary accounts for her business activities using the

cash method of accounting.

1. Steve’s employer pays the couple’s annual health insurance premiums of

$5,500 for a qualified plan.

1. Mary incurred some extra medical expenses to treat a broken wrist from a

mountain biking accident. In April, Mary broke her wrist in a mountain biking

accident. She paid $2,000 for a visit to the hospital emergency room and

follow-up visits with her doctor. While she recuperated, Mary paid $300 for

prescription medicine and $700 to a therapist for rehabilitation. Mary’s

insurance reimbursed her $1,840 for these expenses. Steve drove Mary 110

miles back and forth from the doctor’s office and the physical therapist’s

facility during the period Mary was being treated for her broken wrist. Mary

incurred $1,214 additional amounts of unreimbursed qualifying medical

expenses.

1. Steve paid $31,154 withheld of Federal Taxes and $6,700 of state income

taxes through withholding from his paycheck.

1. Mary and Steve paid $2,700 of real estate taxes on their personal residence

and $850 of real estate taxes on an investment property she owns in

Oklahoma. Finally, Mary paid $180 as a registration fee for her automobile

(the fee is based on the year the automobile was manufactured, not its

value).

1. Mary and Steve acquired their home on February 15, 2021, for $300,000

(also its value throughout the year). They purchased it by paying $40,000 as

a down payment and borrowing $260,000 from a credit union. In January

2021, they paid points of $2,600 to obtain the loan and during 2021 they paid

$6,567 in interest on the loan. Their home is the collateral for the loan.

1. This year they donated $1,700 to the Red Cross. Mary also gave $200 in

cash to various home-less people she met on the streets during the year.

Once a month, Steve does volunteer work at a Goodwill Industries outlet

about 20 miles from their home. Altogether, Steve traveled 500 miles during

the year driving to and from the Goodwill outlet. Steve has determined that

the services she provided during the year are reasonably valued at $1,500.

Prior to moving into their new home, Steve and Mary donated excess

possessions to Goodwill Industries. They estimated that they paid over $900

for these items, including clothing, a table, and a couch. However, although

the items were in excellent condition, they were worth only $160.

Prepare 1040 With Appropriate Schedules and A Memorandum

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.

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