T12S-Chp-01-3-Tax Problem and Return Preparation

T12S-Chp-01-3-Tax Problem and Return Preparation - Problem...

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Problem d606e40e113ae11d29754483f9a36c365fe2328a.xls Page Pam is single with one exemption. 2010 2011 17 Salary $50,000.00 $55,000.00 21 Federal income tax witheld (10,000.00) (11,000.00) 12 FICA withheld (7.65%) (3,825.00) (4,207.50) North Carolina Income tax withheld (2,000.00) (2,200.00) Take home pay 34,175.00 37,592.50 Tax Return Information Salary income Fm. 1040 Append. C-2 Line 7 50,000.00 55,000.00 Other income Fm. 1040 Append. C-2 Line 8-21 0.00 0.00 Gross income Fm. 1040 Append. C-2 Line 22 25 Deductions for Adjusted Gross Income 0.00 0.00 Adjusted Gross income 27 Exemption Fm. 1040 Append. C-3 Line 42 Adjusted Gross income, less exemption Itemized Deductions 26 Charitable contributions Append. C-4 Line 16 500.00 500.00 26 Home mortgage interest Append. C-4 Line 10 3,000.00 3,000.00 26 Property taxes on home Append. C-4 Line 6 500.00 500.00 26 State income taxes Append. C-4 Line 5 Total itemized deductions Append. C-4 Line 29 Amount of Standard Deduction 5,700.00 5,800.00 25 Taxable income (before considering impact of state income tax refund for 2011) Line 43 20, App. B9 Income Tax for 2010 Income Rate Tax-2010 34,000.00 4,681.25 25% Fm 1040, Ln 44 Total Fm 1040, Ln 73 Federal Income Tax Due (Refund) for 2011 Please complete Form 1040 and Schedule A. (See page B9, and instructor will explain.)
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