This hands-on assignment is an opportunity for you to demonstrate your mastery of tax preparation by completing a family’s tax return using form 1040.In this project you will use the data provided to complete a typical tax return for a family of four. This family has many common earnings and personal details that affect how income, deductions, credits, and so on are determined.
Like the other assignments in your program, this assignment is open book. Not only is it open book in terms of your study materials, you are also encouraged to use the Internet and any other research tool available to you to develop your response.
Once you have completed all the parts of the project, you will need to compile a set of all required forms and schedules. More detailed instructions are provided at the end of the project description
There are four basic grading elements for this project. Each part is worth a specific amount of points as described below. Your total grade will be equal to the sum of your totals for each part. Grading of this project will be as follows: • Determination and Recording of Adjusted Gross Income: 40 points • Determination and Recording of tax and credits: 20 points • Submission of Required Schedules and Forms: 20 points • Overall accuracy of return (refund, payment, etc.): 20 points
Total Possible Score: 100 points.Now that you understand the basic goals of your project, let’s get started.