3140tax

3140tax - Tax Problems 1. John and Jane Elder live at 1040...

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Tax Problems 1. John and Jane Elder live at 1040 Lakeview Drive, Orlando Florida 32801. Their telephone number is 904-444-5555. John works at the Gator Golf Club. . Jane works at the local music store, Thomas Piano Company, as a piano tuner. John’s and Jane’s Social Security numbers are 154-32-1234 and 265-43-2123, respectively. The information presented relates to their activities during the current tax year. 1. From John’s gross salary was $28,000 salary, 403-B plan contributions were $3,000,withholding for federal income tax was $3,750; for Social Security, $1625; and Medicare tax, $406. 2. Jane’s earnings totaled $18,000; withholding for federal income tax was $2,700; for social security $1,170, and for Medicare tax, $261. 3. Other items of income received during the year included: a. Dividends from Security Corporation stock, $3000. b. Interest Income: i. Best Money Market Fund $850 ii. First Orlando Bank CD $2,450.00 iii. City of Miami GO bond $600.00 c. Sale of shares in a mutual fund for $2000 with an original cost of $1200. The shares were held for 2 years.
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3140tax - Tax Problems 1. John and Jane Elder live at 1040...

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