ACCT 553 – Course ProjectYou may use Microsoft Excel or Microsoft Word to complete this Project. Solve the following5 exercises. Each Exercise is independent of each other and is worth 50 points making it atotal of 250 point Project.

ACCT 553 – Course ProjectYou may use Microsoft Excel or Microsoft Word to complete this Project. Solve the following5 exercises. Each Exercise is independent of each other and is worth 50 points making it atotal of 250 point Project.

Grading RubricNumber of Exercises 5AttemptPresentationComplete & correctTotal points Possible Points Possible Points 10%10%80%100% 2525200250 Exercise 1: (Tax Return Problem). Bert and Barbara Longfelt support in nursing homes bothBert’s parents and Barbara’s parents. Bert’s parents are 70 and 68 years of age respectively andhave no income except for the $3,600 in Social Security they receive annually. Barbara’sparents, both 72 years of age, have the following sources of income:Social Security $9,800 Interest Income (Joint Ownership) $2,600 Dividend Income $900 Bert’s annual salary is $45,000 and his wife’s annual salary is $55,000.They have two small children who live at home. Also, they own an apartment house fromwhich they derive $6,000 net rental income. Two items from their rental property confusedthem so they did not include them in their rental income:Security deposits received and to be used against final month’s rent $500 Two tenants paid rent in advance in December 2015. The rent was due January1, 2016 $600 Barbara owned stock prior to her marriage to Bert and received the following cash dividends:General Corp. nonqualified common stock dividend (U.S. corporation) $300 Live Forever Life Insurance Co. (dividends on life insurance policy) $100 Bert and Barbara have several sources of interest income:Interest income from savings accounts $850 Interest income from State of Tennessee Highway Bonds $400 Barbara entered the local area bake-off, won first place for her cherry pie, and received a$1,000 cash prize.Bert, who is an accountant, made an arrangement with Harold the dentist. Bert would doHarold’s tax work if Harold would take care of Bert and his family’s dental work. During theyear, Bert estimated that the value of his services to Harold was $500 and that Harold gaveBert and his family $600 worth of dental services. In December, Bert did a consultingassignment on a weekend and received $700. No Social Security or taxes were withheld.During the year, they had $15,000 withheld for federal taxes.During 2015, Bert and Barbara have $14,000 of itemized deductions. Compute Bert andBarbara’s net tax due, including self-employment tax. Assume dividends are taxed at ordinaryrates.____________________________________________________________________________Exercise 2: (Tax Return Problem). Rodney and Alice Jones have three small children, rangingin age from 5 to 10. One child is blind and needs special care. Rodney works as an accountantfor a large CPA firm and has gross income of $45,000. Alice is a lawyer with a national law firmand earns $48,000. Rodney’s parents are quite old, and he and his two brothers entirelysupport them according to the following percentages:Rodney 45% Steven 40% Robert 15% The brothers decide that in 2015 Rodney should be allowed to declare his parents asdependents.Rodney’s employer provides group-term life insurance at twice the employee’s annual salary.Rodney is 40 years of age.During 2014, Rodney and Alice receive the following dividends on their jointly heldinvestments:Dividends from Mexico Inc. (Mexican Corp.) $700 Dividends from Widget Steel Corp. 150 They received interest income from the following investments:Interest on State of Ohio highway bonds $800 Interest on deposits in savings and loans 400 The Joneses have itemized deductions of $15,000. Compute their taxable income.____________________________________________________________________________ Exercise 3: Peter Nerf, a single taxpayer, is an accountant employed by a large corporation.This year, he was transferred from the company’s headquarters office to an office in anotherstate. For the year, he had the following items of income and expense:Wages received from his employer $75,000 Moving expenses:Expenses to move household furniture $3,000 Travel from old residence to new location 700 Temporary living expenses in new locationReal estate commission on sale of old home 2,1005,000 10,800 Medical expenses 6,600 Charitable contributions 5,000 Job related expenses (subscriptions, licenses, etc.) not reimbursed byPeter’s employer 2,350 Peter’s moving expenses were not reimbursed by his employer. Assuming that he had no othertaxable income, deductions or credits other than those listed above, calculate Peter’s taxableincome for the current year.____________________________________________________________________________ Exercise 4: Diane Parker acquired an interest in a movie theater in June 2003. The theaterbroke even from 2003 to 2010. Parker did not actively participate in the activity during thoseyears. She participated in the activity for 350, 400, 450, and 420 hours during 2011, 2012,2013, and 2014, respectively. This was well below all other employees. The theater had lossesallocated to her of $21,000, $6,000, $19,000, and $12,000 for 2011, 2012, 2013, and 2014,respectively. In 2015, however, she participated 750 hours in the business, and her share of themovie theater net income was $24,000. Her income from other sources (portfolio income) was$27,500. What are the income tax consequences to Diane for 2015?____________________________________________________________________________ Exercise 5: Tom and Shannon Shores, both age 40, filed a joint return and paid the followingmedical expenses:Hospital costs $3,200 Doctor’s bills 1,600 Medicine and drugs 800 Hospitalization insurance premiums 4,000 In addition, they incurred the following medical expenses for Tom’s mother who is totallydependent upon and lives with Tom and Shannon:Cosmetic surgery (face-lift operation) $5,400Doctor’s bills 2,600 Medicines and drugs 1,000 They live 10 miles from the medical center and made 20 trips there for doctor office visits andhospital stays this year. Tom and Shannon’s adjusted gross income is $85,000. What is Tom andShannon’s medical expense deduction for this year?

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