MGT134PRACTICEPROBLEM4

MGT134PRACTICEPROBLEM4 - LT CAPITAL GAIN 3,200 RENTAL...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
MGT 134: Federal Individual Income Taxation Undergrad, Summer 2011 PRACTICE PROBLEM # 4 MARRIED SINCE 2007. THREE CHILDREN, LITTLE JJ BORN 2006, SALLY BORN 2008 AND SAM BORN 2009 , WAGES FED W/H STATE W/H SDI JOHN 71,000 (A) 4,250 2,200 781 JANE 55,000 3,700 1,860 605 INT INCOME 180 DIVIDEND INCOME 1,100 (QUALIFIED = 1,030) CAPITAL GAIN DIST 450 2009 STATE REFUND 175 (ITEMIZED IN 2009) ST CAPITAL LOSS (900) (DOES NOT INCLUDE OPTIONS)
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: LT CAPITAL GAIN 3,200 RENTAL INCOME 12,400 RENTAL INTEREST 13,900 RENTAL P-TAX 1,700 RENTAL DEPR 7,700 MEDICAL 4,300 MORTGAGE INT 13,600 PROPERTY TAX 2,150 VLF 290 CHARITABLES 1,800 MISC EMPLOYEE EXP 2,800 (A) JOHN EXERCISED & SOLD 500 UNITS OF NON-QUALIFIED STOCK OPTIONS IN A SAME-DAY SALE. STRIKE PRICE = $3/SHARE, SALES PRICE = $25/SHARE. FORM W-2 BOX 12V = $11,000. SALES COMMISSIONS = $120....
View Full Document

Ask a homework question - tutors are online