Richard and Anna Wilson are married and file a joint return. Richard is 47 years of age and Anna…

Richard and Anna Wilson are married and file a joint return. Richard is 47 years of age and Anna is 46. Richard is employed by Telstar Corporation as its con-troller and Anna is self-employed as a travel agent. They have three children: Michael, age 22; Lisa, age 17; and Laura, age 14. Michael is a full-time student at Rutgers University. Lisa and Laura both live at home and attend school full-time. The Wilsons currently live at 3721 Chestnut Ridge Road, Montvale, New Jersey 07645, in a home they have owned since July 1990. Richard and Anna provided over half of the support of Anna’s mother, who currently lives in a nursing home in Mahwah, New Jersey. They also provided over half of the support of their son, Michael, who earned $4,750 during the summer as an accounting student intern for a national accounting firm. b. Richard received a Form W-2 from his employer reporting the following informa-tion for 2011:
Richard M. Wilson, Social Security No. 294-38-6249:
Gross wages and taxable benefits Federal income taxes withheld F.I.C.A. taxes withheld: Social security Medicare State income taxes withheld $ 131,004000 “0 9146 1,850
The taxable benefits reported on his W-2 Form include $2,700 (based on the cur-rently deductible standard auto mileage rate) for Richard’s personal use of the company car provided by his employer. c. Anna operates her business under the name “Wilson’s Travel Agency,” located at 7200 Treeline Drive, Montvale, NJ 07645. Anna has one full-time employee, and her Federal employer identification number is 74-2638596. Anna uses the cash method of accounting for her business, and her records for 2011 show the following:
Fees and commissions $134,000 Expenses: Advertising 14,7255 Bank service charges Dues and subscriptions 560 Insurance 1,100 Interest on furniture loan 960 Professional services 700 Office rent 6,000 Office supplies 470 Meals and entertainment 1,000 Payroll taxes 2,170 Utilities and telephone 3,480 Wages paid to full-time employee 22,800 Miscellaneous expenses 20
Automobile expenses and amounts paid to her children are not included in the above expenses. Anna paid her daughters Lisa and Laura $750 and $450, respec-tively, for working part-time during the summer. Since she did not withhold or pay any Federal income or employment taxes on these amounts, Anna is not certain that she is allowed a deduction. She does feel that the amounts paid to her children were reasonable, however. Anna purchased a new 2010 Honda Accord on November 20 of last year, and her tax accountant used the actual cost method in determining the deductible busi-ness expenses for her 2010 Federal tax return. Because the deductible amount
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