provide calculations relating to at least4 possible scenarios and identify the position that should be recommended to the client.
The following information relates to one of our client: Maryann Miller. Maryann is contemplating marriage and wants to know the tax ramifications of this. The director of the Firm has requested that you research this situation and deliver and executive summary. It is expected that you provide calculations relating to at least4 possible scenarios and identify the position that should be recommended to the client. State all your assumptions and make sure to provide evidence to support your position.
Maryann Miller is single, 28 years old, and lives with her father, Joe, who is 68 years old. Joe is retired and receives social security in the amount of $1,282 per month which he deposits into a savings account. That is his only income. Joe own his home which as a fair market value of $274,000 but Maryann pays all the monthly expenses of the household.
The following data relates to Maryann’s prior year income:
Salary $69,50
0Fed Taxes Withheld $7,800
State Taxes Withheld $2,641
Local Taxes Withheld $695
Interest Income $89
5Dividend Income $1,250
20xx Med Health Insurance Paid $2,160
20xx Medical Expenses Paid $3,100
Real Estate Taxes on Home (9/2/xx) $5,200
20xx Church Contributions $2,100
United Way Contributions (7/3/xx) $35
0American Red Cross (10/5/xx) $400
Tsunami Relief Fund (1/16/xx) $250
Maryann is engaged to Peter Pearson. Peter is 33 years old and purchased a home in 2007 for $300,000. He has a mortgage on the house of $220,000. The current value of the home is $488,000. Peter is divorced an has a son, James, age 4 who lives with his mother Betty. Betty has remarried Barry Bellows. Peter pays $1,500 a month child support and per his divorce agreement he is entitled to claim James as his dependent.
The following data relates to Peter’s prior year income.
Salary $89,000
Fed Taxes Withheld $14,000
State Taxes Withheld $3,382
Local Taxes Withheld $890
Interest Income $1,700
Dividend Income $2,300
20xx Med health insurance paid $2,400
20xx Med health insurance James $680
Mortgage Interest Paid $19,000
Real Estate Taxes on home (9/2/xx) $6,000
20xx Church contributions $3,000
Child support paid $18,000
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