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San Diego State University Grocery Business Taxpayer Job Questions

San Diego State University Grocery Business Taxpayer Job Questions.

Chapter 5 provided an overview of gross income. We learned about various inclusions and exclusions from gross income. In Part 2 of the Taxpayer Project, you will add to your taxpayer story by providing information about potential items of income.

Requirements for Part 2:

Complete the following questions to add to your taxpayer information.

It is recommended that you type your answers, so that you may later Copy-Paste as you organize the final project.

One of your taxpayers must be an employee of a company. The other spouse will be a small business owner (discussed later in Part 4). If you only have one taxpayer, they will have both roles (i.e. employee of a company and a small business owner).

Your taxpayer must receive 5 benefits, other than their salary. Two or three of these benefits should not qualify as fringe benefits, in part or in full. (An example of in-part could be receiving free parking of $300 a month when only $270 can be excluded). Provide sufficient information to make this determination.

Your taxpayers must have 5 potential sources of other income. For each source of income, there can be multiple cash flows. For example, one source of income is a lawsuit where there are several different awards. Or, one source of income is interest income where there are several types of interest income. Two or three of these sources of other income should be excluded from income, in part or in full. Provide sufficient information to make this determination.

Do not include any gains/losses on sales of stock or qualified dividends as other sources of income. We will discuss these topics again in further detail later in the course.

Remember to consider adding nuanced, misleading, or additional information to add difficulty/complexity to your taxpayer’s story.


Taxpayer Project: Part 2

1. What is your taxpayer’s job? Provide a reasonable salary for them to earn in this role.

2. What 5 benefits does the employer provide to your taxpayer, in addition to their salary?

3. For each of the 5 benefits, do they qualify as fringe benefits excluded from income (in part or in full)? Explain your reasoning.

4. What is the total amount to be included in gross income, related to your taxpayer’s job? What is the character of this income?

5. What are the 5 potential sources of other income for your taxpayers?

6. For each of the 5 potential sources of other income, what amount is included in income (in part or in full). Explain your reasoning.

7. What is the total amount to be included in gross income, related to your taxpayer’s sources of other income? What is the character of this income?

Examples for Part 2 of the Taxpayer Project: Sally and Jim Torero (MFJ)

(Note: These examples do not meet all requirements.)

Sally is an accountant at a CPA firm and earns a salary of $106,000.

In addition, her employer paid $14,000 of medical insurance premiums on behalf of Sally, Jim, and their children.

Sally also received a couple other benefits at work. The CPA firm wants to encourage their employees to stay healthy during busy season, so they pay for memberships to a community gym located a short drive away. The value of the gym membership Sally received was $1,200.

The CPA firm uses software to help clients prepare household budgets and come up with a financial plan. Because the CPA firm already purchased the software license, employees can use the software to prepare their own personal budgets and financial plans. If Sally had to buy her own software license, it would have cost her $500.

Jim went to Las Vegas two times during 2019 to gamble. On one trip he won $5,000. On the second trip he lost $6,000.

Sally and Jim earned $2,500 of interest from their savings account and $1,000 of interest from a City of San Diego bond.

Sally was hit by a car while crossing the street in a crosswalk and broke her leg. She sued the driver and won the lawsuit. She received $40,000 to compensate her for her injury. She also received $20,000 for punitive damages.

San Diego State University Grocery Business Taxpayer Job Questions

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