Imagine that you are preparing taxes for a local tax service provider. A married couple named Judy and Walter Townson have come to you to seeking assistance with their federal income taxes. During your meeting with the Townsons, you gather the following information: 

• They are both 55 years of age.
• They have two daughters and one son. One daughter (age 25) is married with children. One daughter (age 20) is living at home and attending college. Their son (age 16) is a junior in high school.
• They are currently paying for their college-student daughter to attend school full time.
• Judy is employed as a teacher and makes $60,000 a year. She used $500 of her personal funds to purchase books and other supplies for her classroom.
• Walter is employed as a CPA and makes $100,000 a year.
• They provided you a 1099-INT which reported $4,500 in interest of which $500 was savings bond interest.
• They provided you a 1099-DIV which reported $300 in dividends.
• They received a state tax refund last year of $385.
• They provided you a list of expenses including:Doctor’s bills, $800
• Prescriptions, $400
• New glasses, $2000
• Dental bills, $560
• Braces, $5000
• Property taxes for their two cars of $800, which included $50 in decal fees
• Real estate taxes of $4500
• Mortgage interest of $12,000
• Gifts to charities, $1000
• GoFundMe contribution to local family in need, $100
• Tax Preparation Fees for last year’s taxes, $400 

Consider the most beneficial way for Judy and Walter to file their federal income tax return. Prepare a brief written summary that addresses the following:

• Estimated taxable income for Judy and Walter (please show computations!)
• Summary of tax return, including any suggestions or tax planning considerations
• Explain how you determined the filing status, dependents, and use of standard/itemized deduction.

Note: The summary should be no more than 500 words and should be uploaded as a Word document with a cover page via the Blackboard assignment tab in Week 5.

1. Review tax authorities and sources of tax law.
2. Assess the concepts of gross income and strategies to minimize gross income.
3. Examine deductions from income, limitations on those deductions, and strategies for maximizing deductions

 

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• Imagine that you are starting your own business. Create your own merchandising philosophy. Describe your philosophy, and propose the manner in which you would use it to enhance your business.
• Imagine that your grandparents want to retire and have given their general store to you so that it stays in the family. Currently, they are operating the store as they had when it first opened: without merchandising software. Examine the pros and cons of merchandising software. Determine whether you are for or against incorporating merchandising software into your grandparents’ business. Support your position with one (1) example of either the successful use or apparent misuse of such software.

 

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Imagine that you are the financial manager for a firm, and your company has a WACC of 4.5%. Two district managers would like funds to pursue a project, and are asking for your approval based on their projected financials.Project A costs $180,000 today, and will give the company $25,000 net cash flow per year for the next 15 years. Project B costs $275,000 today, and will give the company $30,000 net cash flow per year for the next 20 years. If these proposed projects have risk levels similar to the company as a whole, which project is more desirable? Why? If you have enough funds to do both projects, would you? Show your calculations (including projected cash flows and NPVs) and explain your reasoning

SOLUTION:Evaluation of Project AYear0123456789101112131415 Projected Cash Flows-180000250002500025000250002500025000250002500025000250002500025000250002500025000…

 

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Imagine that you are the Information Technology Director of a major chain restaurant, and you have been assigned to design a menu ordering application that can run on all devices. Examine whether using a touch-screen monitor, a tablet, or using a mouse to select menu items to place an order would be most efficient. Speculate how employees would interact with these devices and the type of emotional reaction that customers and employees will experience while placing a beverage, appetizer or entrée order. 

 

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Imagine that you are the parent or friend of a student having to write a series of essays for a high school English class. Create an instructional manual, a brochure, or a microsoft powerpoint presentation on the writing process for future students or inexperienced academic writers.

 

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