Completing a Basic Tax Return Lab Assignment

School: Fanshawe College - Course: BAC2 3044 - Subject: Accounting

MARY CAREER TAX SOFTWARE PROBLEM LAB ASSIGNMENT 1 Objectives The objective of this assignment is to demonstrate your knowledge of how to complete a basic tax return. By the end of this lab, you will have demonstrated your ability to: 1.Create a new client file 2.Enter personal information into the appropriate forms (including the taxpayer's personal information and the information for all dependents) 3.Calculate employment income 4.Calculate charitable donation tax credit 5.Calculate Federal taxes payable, using the ProFile software 6.Calculate tax credits, using the ProFile software 7.Calculate net taxes owing/refund. Instructions Complete Tax Software Assignment Problem and submit the requested documents. Step by step instructions will not be provided to you during this lab as the components have been covered in labs 1, 2, and 3. It is strongly suggested that you refer back to the instructions provided for those labs for hints and tips. LAB ASSIGNMENT 1 Seymour Career and Mary Career are your tax clients. They have been married for two years. Mary has progressed quickly in MoreCorp, the large, publicly traded firm she is working for due to her strong tax and accounting background. Her firm has an excellent health and dental plan that reimburses 100% of all medical expenses. Although Seymour has been working, he has decided not to continue to work in 2022. He is contemplating a return to university as a student of music. In order to estimate her possible financial position in 2023, she would like you to Prepare her 2022 income tax return assuming that Seymour has no income for 2022. MARY CAREER ASSIGNMENT 1 INSTRUCTIONAL VIDEO: https://youtu.be/_ItrbX2KK20 This video shows the steps you should take to complete this assignment. However, some of the numbers and dates on the assignment have been updated for 2023 semesters, and thus are different than in the video. You should enter the numbers provided on this assignment, as opposed to the ones that are in the video. I have put the key numbers that are updated on

this document in redfont. The video is just there to show the steps to take, NOT to show the current numbers to enter. You may use the check figure below (which has been updated) to check that your tax return numbers are correct. At 5:40 in the video, it says to click "Create a new 2020 T1". You should instead click "Create a new 2022T1" at this point in the process. FINAL CHECK FIGURES: MARY'S T1SUMMARY LINE 48400/48500: $4,246.75(REFUND) Are you not getting the correct check figure, and you've watched the video multiple times to ensure you did the steps correctly? Double check the following three things. These are some common issues students have: 1-Ensure your Profile is updated to the most recent version. With the tax return open in Profile, on the top menu, click "Online"Check for Updates and follow the prompts to update your Profile if there is an update available. 2-Ensure you are using the 2022version of Profile. To check, go to the "T1Summary" form/jumpcode in the tax return. At the top, it should say "2022 Tax Return Summary". If it says a different year, that means you are using the wrong Profile year. If you are using the wrong year, you will need to restart your assignment. To restart, you should reopen Profile, close out of the initial popup window, and then click FileNew select "2022 T1" option and reenter the tax return based on the video instructions. 3-Make sure you are using the updated numbers from this word document. The instructional video shows the steps you should take to complete this assignment; however, some of the numbers and dates on the assignment have been updated for 2023 semesters, and thus are different than in the video. You should enter the numbers provided on this word document, as opposed to the ones that are in the video. I have put the key numbers that are updated on this document in redfont. The video is just there to show the steps to take, NOT to show the current numbers to enter. Also note: when you print your tax return to PDF to hand in, if it has a "Trial Version" watermark across the PDF, that is okay. (It's also okay if it doesn't have this watermark).