T11F-Chp-08-3B-Sol-Individual Tax Return Project-2011

T11F-Chp-08-3B-Sol-Individual Tax Return Project-2011 - Mo...

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055e45dc83a833f88201ab0623b703f92e79720a.xls Description Mo. Amount Total Gross For AGI AGI-TI Itemized Tax. Inc. Mary has child (Julie, age 6) by former marriage. Julie lives with Mary & Robert. Mary received the following amounts from her former husband: Alimony at the rate of $400 per month 5 $400 $2,000 $2,000 Child support at the rate of $500 per month 12 $500 $6,000 After her marriage to Robert, the alimony payments stopped. Mary does not work outside the home. IBM stock received by Mary from former husband in divorce - Value $70,000 IBM stock received by Mary from former husband in divorce - Cost $5,000 Robert paid alimony of $500 per month to former spouse 12 $500 $6,000 6,000 Other Income and Expense Items: Salary for Robert for 2010 $60,000 $60,000 Federal income tax withheld (6,000) Social security tax withheld - 6.20% on maximum base of $106,800 (3,720) Medicare tax withheld - 1.45% (870) North Carolina income tax withheld (5,000) 5,000 Withholding for hospitalization insurance covering family
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