Hi, thanks for your response. Will you be available to do it on


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Hi, thanks for your response. Will you be available to do it on time. Test 4.xlsx Test 4 Required: Use the following information to compute Paul and Judy Vance’s 2015 federal income tax refund or liability. Use the column to the right of the data to discuss whether the item is taxable or deductible or not and why. Then compute Schedule C business income, total income (line 1040, line 22), adjusted gross income, deductions, tax including self-employment tax, credits, and finish up with tax refund or tax due. If information is missing, use reasonable assumptions to fill in the gaps. Facts: 1. Paul J. and Judy L. Vance are married and file a joint return. Paul is selfemployed as a dentist, and Judy is a college professor. Paul and Judy have three children. The oldest is Vince who lives at home. Vince is a law student at the University of Cincinnati and worked part-time during the year, earning $1,500, which he spent for his own support. Paul and Judy provided $6,000 toward Vince’s support (including $4,000 for Vince’s fall tuition). They also provided over half the support of their daughter, Joan, who is a full-time student at Edgecliff College in Cincinnati. Joan worked part-time as an independent contractor during the year, earning $3,200. Joan lived at home until she was married in December. She filed a joint return with her husband, Patrick, who earned $20,000 during the year. Jennifer is the youngest and lived in the Vances’’ home for the entire year. The Vances’ provide you with the following additional information: Paul and Judy would like to take advantage on their return of any educational expenses paid for their children. The Vances’ live at 621 Franklin Avenue, Cincinnati, OH 45211. Paul’s birthday is 3/5/1957 and his Social Security number is 333-45-6666. Judy’s birthday is 4/24/1960 and her Social Security number is 566-77-8888. Vince’s birthday is 11/6/1991 and his Social Security number is 576-18-7928. Joan’s birthday is 2/1/1995 and her Social Security number is 575-92-4321. Jennifer’s birthday is 12/12/2002 and her Social Security number is 613-97-8465. 2. Judy is a lecturer at Xavier University in Cincinnati, where she earned $30,000. The university withheld federal income tax of $3,375, state income tax of $900, Cincinnati city income tax of $375, $1,860 of Social Security tax and $435 of Medicare tax. She also worked part of the year for Delta Airlines. Delta paid her $10,000 in salary, and withheld federal income tax of $1,125, state income tax of $300, Cincinnati city income tax of $125, Social Security tax of $620, and Medicare tax of $145. 3. The Vances’ received $800 of interest from State Savings Bank on a joint account. They received interest of $1,000 on City of Cincinnati bonds they bought in January with the proceeds of a loan from Third National Bank of Cincinnati. They paid interest of $1,100 on the loan. Paul received a dividend of $540 on General Bicycle Corporation stock he owns. Judy received a dividend of $390 on Acme Clothing Corporation stock she owns. Paul and Judy received a dividend of $865 on jointly owned stock in Maple Company. All of the dividends received are qualified dividends. 4. Paul practices under the name “Paul J. Vance, DDS.” His business is located at 645 West Avenue, Cincinnati, OH 45211, and his employer identification number is 01-2222222. Paul’s gross receipts during the year were $111,000. Paul uses the cash method of accounting for his business. Paul’s business expenses are as follows: Advertising Professional dues Professional journals Contributions to employee benefit plans Malpractice insurance Fine for overbilling State of Ohio for work performed on welfare patient Insurance on office contents Interest on money borrowed to refurbish office Accounting services Miscellaneous office expense Office rent Dental supplies Utilities and telephone Wages Payroll taxes In June, Paul decided to refurbish his office. This project was compl

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