PLEASE READ THIS LAST PORTION MAKE SURE TO SHOW YOUR WORK – EXCEL WORKSHEET IS RECOMMENDEDProblem 1 Mike Roberts, age 45, is single. He lives at 133 Central Park Drive, NYC, NY 10016. Mike isemployed by RTI Corporation, which operates a chain of restaurants in and around New York City. Hehas supervisory responsibilities over the managers of four restaurants. An examination of his recordsfor 2016 revealed the following information. 1. During the year, Mike earned $33,000. His employer withheld $2,200 in Federal income taxes andthe proper amount of FICA taxes. Mike obtained his current job through an employment agency towhich he paid a $150 fee. He previously was employed as a manager of another restaurant. Due to thenew job, it was necessary to improve his wardrobe. Accordingly, Mike purchased several new suits at a cost of $600. 2. On the days that Mike works, he normally eats his meals at the restaurants for purposes of qualitycontrol. There is no charge for the meals, which are worth $2,000. 3. He provides 60% of the support for his father, age 70, who lived with Mike all year and who has noincome other than Social Security bene?ts of $7,000 during the year. Mike provided more than one-half of the cost of maintaining the home. 4. Dividend income from Chevron Corporation stock that he owned was $350. Interest income onsavings was $200. 5. Mike and other employees of the corporation park in a nearby parking garage. The parking garagebills RTI Corporation for the parking. Mike figures that his free parking is worth $1,000 annually. 6. Mike subscribes to several trade publications for restaurants at a cost of $70. 7. During the year, he paid $200 to a bank for a personal ?nancial plan. Based on this plan, Mike madeseveral investments, including a $2,000 contribution to an individual retirement account, and alsorented for $30 a safety deposit box in which he stores certain investment related documents. 8. Mike purchased a new home, paying three points on a loan of $70,000. He also paid $6,000 ofinterest on his home mortgage during the year. In addition, he paid $650 of real property taxes on thehome. He has receipts for sales taxes of $534. 9. While hurrying to deliver an important package for his employer, Mike received a $78 ticket forviolating the speed limit. Because his employer had asked that he deliver the package as quickly aspossible, Mike was reimbursed $78 for the ticket, which he paid. Compute Mikes taxable income for the year. You might find it helpful to use 2016 tax forms to assistyou in completing the computations. Please make sure to show all of you work in order to obtainpartial credit.
Problem 1 Mike Roberts, age 45, is single. He lives at 133 Central Park Drive, NYC, NY 10016. Mike is employed by RTI Corporation, which operates a…
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