Tax_return_1R

Tax_return_1R - TAX RETURN PROBLEM 1, Spring 2011 Due in...

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TAX RETURN PROBLEM 1, Spring 2011 Due in class on Tuesday April 5, 2011 25 points Stacey and Warren Harrison (453-44-5321) live at 5755 Warren Road, Santa Barbara, Ca. 90432. Stacey was born 4/1/1966. She is employed as a substitute teacher at Milliken Secondary School. She also has a small travel agency. Her W-2 for 2009 shows wages of $29,338.94, federal income tax withheld of $1314, California State income taxes withheld of $685, FICA taxes were withheld at the appropriate rate. She is married to Warren Harrison (444- 32-5890) born 3/2/1960. He is employed as an accountant at Chlorox Corporation. His W-2 shows salary of $62,302.84, federal income tax withheld of $3532, California State income taxes withheld of $1515, FICA tax withheld based on the appropriate rate. They file a joint tax return. On April 15, 2010 they filed their 2009 tax return. On May 20, 2009 they received a $692 refund of their 2008 Federal taxes which they applied to their 2009 estimated tax. They also paid $384 California tax for the 2008 tax year on April 15, 2009. In 2009 they made estimated tax payments of $830 per quarter for federal taxes and $425 per quarter for state taxes. All payments were made on a timely basis (4/15/09, 6/15/09, 9/15/09 and 1/15/10). On 1/15/09 they paid the fourth quarter 2008 California estimated tax of $300 and the fourth quarter 2008 Federal tax of $820. They have three children that they support. Barry (583-22-5787) was born 4-1-1993. He still lives at home with his parents and attends high school Wally (524-31-2784) was born 4-1- 2000 and Theodora (524-34-3591) was born 4/01/1988. Stacey paid job-related child care expenses of $8757 ($4000 on behalf of Wally and $4757 on behalf of Theodora) to Phillip Williams (782-31-2739). Williams provided child care for the two younger children. He lived with the family full-time. The Harrisons did not withhold any taxes on behalf of Phillip Williams, but pay the “nanny tax” and file the appropriate forms with the 2009 tax return. Theodora was a college student who lived in the dormitories at UC Santa Barbara, 11300
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This note was uploaded on 11/07/2011 for the course ACCT 508 taught by Professor Frankel during the Spring '10 term at S.F. State.

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Tax_return_1R - TAX RETURN PROBLEM 1, Spring 2011 Due in...

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