Week 8 Assignment FP101 - 40a) 6.How much of a refund is...

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Axia College Material Appendix H Tax Return Worksheet Directions: Review Gloria Ramsay’s tax return. Answer the following questions based on the information listed in her return. 1. Even though Gloria is single, her filing status is Head of Household. Why is Gloria able to file as head of household? Gloria has claimed a dependent on her return. If you provide over half the support this qualifies as Head of Household. 2.How does Gloria benefit from filing as head of household, rather than single? Head of Household reduces your tax. 3. What is Gloria’s adjusted gross income? $22,275 4.Which line in the tax form did you find her total income? Line 15 5. Even though Gloria is filing the short form (1040A), she is still able to get three credits. What are the three credits Gloria receives? List the line you found the answers on as well. Credit for child care (Line 29), Additional child tax credit (Line 41), Earned Income Credit –EIC (Line
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Unformatted text preview: 40a) 6.How much of a refund is Gloria going to receive? $4,333 7. What are the four steps listed in the filing checklist? Sign and date the return; Assemble the return; Mail the return; and Keep a copy for your records 8.On the Wage and Tax statement, list how much Gloria paid in her Federal Tax Withholding? $1,500 9.How much did she pay in Social Security and Medicare? $0 FP/101 10. Share one thing you found interesting when looking through these forms. Was anything new to you? Do you have any questions about these forms? It was interesting to look at the form in a detailed manner. I usually follow the steps of the software which automatically completes the forms. Looking at the form showed me exactly where the figures are placed on the form. FP/101...
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Week 8 Assignment FP101 - 40a) 6.How much of a refund is...

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