Accounting -ACC 175: Chapter 5 Blackboard Assignment

ACC 175: Chapter 5 Blackboard AssignmentPoints: 10Samuel, a single taxpayer, has provided you with the following tax information for the2015 tax year: SalaryAny Bank, USA savings interestState of Ohio revenue bondsCapital gain on stock held 11 monthsCapital gain on stock held 16 monthsCapital gain on antique furniture held 30 monthsCapital loss on personal automobile held 42 monthsItemized deductions$150,0001. 0005004,0009,0005,000(2,500)8,000Requirements: a) Compute the taxpayer’s taxable income. You must clearly identify (label) eachcomponent in order to receive credit. b) Compute the taxpayer’s tax liability. Be sure to provide supporting calculations foryour tax determination. c) Your solution must be typed, but may be formatted using Excel, Word, or PDF. Handwritten solutions will not be graded. d) Submit your solution as an attachment through the Blackboard link provided. Refer to the Assignments Listing for due date.

Accounting -ACC 175: Chapter 5 Blackboard Assignment

Question
ACC 175: Chapter 5 Blackboard Assignment
Points: 10

Samuel, a single taxpayer, has provided you with the following tax information for the
2015 tax year:

Salary
Any Bank, USA savings interest
State of Ohio revenue bonds
Capital gain on stock held 11 months
Capital gain on stock held 16 months
Capital gain on antique furniture held 30 months
Capital loss on personal automobile held 42 months
Itemized deductions

$150,000
1.000
500
4,000
9,000
5,000
(2,500)
8,000

Requirements:
a) Compute the taxpayer’s taxable income. You must clearly identify (label) each
component in order to receive credit.
b) Compute the taxpayer’s tax liability. Be sure to provide supporting calculations for
your tax determination.
c) Your solution must be typed, but may be formatted using Excel, Word, or PDF.
Handwritten solutions will not be graded.
d) Submit your solution as an attachment through the Blackboard link provided.

Refer to the Assignments Listing for due date.