extra credit - Bev was unemployed for part of the year and...

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Week 3: Deductions and Losses: In General; Deductions and Losses: Certain Business Expenses and Losses - Extra Credit for Week 3
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EXTRA CREDIT TAX PROBLEM FOR WEEK 3 Bev (36) and Ken Hair (37) have been married 3 years. They live at 3567 River Street, Springfield, MO 63126. Ken is a full-time student at the University of Missouri and Bev works full-time at Energy Corporation. Bev's social security number is 234-33-4554 and Ken's social security number is 244-88-8998. Bev's W-2 reported the following: Earnings form Energy Corp $32,500 Federal taxes withheld $4,500 State income taxes withheld $675 The Hairs have interest income of $577 from a savings account at Bank of America and $1,000 of interest from the City of St. Louis bonds. They have the following dividends--all qualifying: Ford Motor Co $140 Southwest Airlines $40 Crest Corporation $107 Ken is an excellent student and received a scholarship to cover tuition and books for $1,750.
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Unformatted text preview: Bev was unemployed for part of the year and received unemployment compensation of $1,825. Ken has a 4 year old son, Robert Hair, from a previous marriage and paid is ex-wife $400 a month for child support. Robert is claimed as a dependent by the exwife. Ken's aunt died during the year and left Ken $15,000 in cash. Ken deposited this money in the bank. The couple received $1,200 as their stimulus check last year. Prepare their Federal Income Taxes for the year. This problem is for extra credit. It is NOT required. A student can get up to 15 points for the correct completion of this problem. A dropbox has been established for this problem. Students can use Tax Cut or Turbo Tax to complete. (Any other package can be used if the answer is saved as a pdf file--I will have to be able to open the problem for a student to get credit.)...
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extra credit - Bev was unemployed for part of the year and...

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