International Tax and Technology Assignment- 1

Marks allotted for the assignment – 10 marks
Date of Assignment: 26th September, 2022
Date of Submission of Assignment: 25th October, 2022 (before 12 noon)
Details of Assignment (The assignment should be typed and only PDF documents
have to be uploaded on the Microsoft Platform before the deadline)

The assignment should comprise of the following in the same order:

a. Detailed Summary ( explained below)
b. Snap shot of duly filled form 1040
c. Snap shot of duly filled schedule 1
d. Snap shot of duly filled schedule A
e. Snap shot of duly filled Schedule 3
f. Other forms that is necessary based on your assumptions made in the summary.
g. Computation of tax liability using the slab rates
Marks will be allotted based on incorporation of most of the concepts taught in class.

 You are expected to assume an imaginary resident taxpayer’s family consisting

of a couple who either file using the status MFJ or MFS with any number of
dependents of your choice for the Calendar Year 2021.
 Their combined taxable income should be a minimum of $ 300,000 or more
 You are expected to fill in form 1040 which is editable. ( You can use any line
item and fill relevant schedules taught in class to arrive at this taxable income)
 Ensure that one of the spouse at least is a salaried employee and fill in imaginary
values in Form W-2 accordingly.
 Assume the taxpayers use itemized deductions only and fill in Schedule A
accordingly.
 Use as many refundable or non-refundable credits as possible ( as per the
provisions of IRS) and fill in Schedule 3 and Form 1040 accordingly.
 For every line item that you have filled in the values for, relevant explanation has
to be given in the summary with values.
Detailed Summary should comprise of
a. Brief introduction of the taxpayers and dependents with age.
b. The occupation and income of the taxpayers
c. Details of Sources of Income of the tax payer (form 1040 and schedule 1)
d. Details of other incomes and adjustments claimed ( Schedule 1)
e. Details of itemized deductions claimed ( Schedule A)
f. Details of refundable and non-refundable credits availed (Schedule 3 and
Form 1040)
g. Computation of tax using the slab rates.
h. Details of taxes withheld from Form W-2

Link to upload the assignment

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