Itemized Deductions by CC3X2Dm

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									192af6c1-1c88-4768-bebc-90f144466c1d.xls                                  Intro




       The four worksheets that follow provide pro forma workpapers to help you solve the assigned
    homework problems. They organize your solution in a manner that is consistent with the analytical
    methods that we discuss in class and allow you to focus on the technical issues, rather than
    workpaper techniques and computer skills.
       However, you should continuously analyze the organization of the solution and the answers that
    you receive, as you work the problems. That is the only way that you will learn the skills and
    techniques that you will need for your long-term success. You should also refrain from checking the
    correct answers until after you have completed your solution.
       Click on the appropriate tab below to move to the worksheet for the homework problem that you
    want to work on.
         Once you have completed the assignment, save the file to your computer, then send it as an
    email attachment to ACCT@rrtidd.com. Make sure that you put the following description in the
    email's Subject line:
    346 Homework 05

    NOTE: Cells with red dots in them contain notes that provide additional information about the cell
    contents. Double click on those cells to read the notes. Also, you need enter information only in the




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192af6c1-1c88-4768-bebc-90f144466c1d.xls    Intro




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Problem 9-37

                                                             Deductible        Not
                                                          Moving     Other   Deductible
Moving Van Charge                        $    4,500
Loss on Sale of Residence                $    9,000
Lodging During Move                      $      540
Meals During Move                        $      410
Mileage for cars (most current rate)
                                         $   14,450   $       -      $   -   $      -     $   -
                          Check Figure                $      5,845
Problem 10-25

               Part a                  Check Figures
Hospitalization
Bill's Doctor
Jodi's Medical
  Total Qualifying Expenditures   $0
Less Insurance Reimbursements
  Net Qualifying Expenditures     $0
AGI
AGI Limitation %
AGI Limitation                    $0
Medical Expense Deduction         $0 $        4,400
Problem 10-32

                                               a) 2012 Federal
State Income Taxes                   Amounts      Deduction

    April 2012, for 2011         $      1,000
    Payroll withholdings, 2012   $      7,400
    Estimated taxes paid, 2012   $        700
    April 2013, from 2012        $     (1,800)
    Total                        $      7,300 $            -
Problem 10-43

                                 AGI = $       150,000
                                           Reported by   Deducted on
                                            Taxpayer       Sch. A
Medical                                        $20,000
State & Local Income Taxes                      $4,500
Sales Tax                                       $1,300
Real Estate Taxes                               $4,000
Interest on Home Mortgage                       $4,500
Credit Card Interest                            $1,000
Charitable Contributions                        $5,000
Casualty Loss                                  $20,000
Unreimbursed Employee Expenses                  $5,000
                                               $65,300           $0
                                                         $    33,750

								
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