C12-Chp-01-3-Tax Problem and Return Preparation

C12-Chp-01-3-Tax Problem and Return Preparation - Solution

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Solution 569d4a9c54a46234cf12c7b4d07b22a7424d7c96.xlsx Pam is single with one exemption. 2010 2011 Code. Regs. Salary $50,000.00 $55,000.00 §61, pg. 124 Federal income tax witheld (10,000.00) (11,000.00) §31, pg. 31 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 §6012, pg. 973 Other income (besides salary) 0.00 0.00 Tax Return Information Salary income Fm. 1040 Line 7 50,000.00 55,000.00 §61. Reg. §1.61-2 Other income Fm. 1040 Line 8-21 0.00 0.00 Gross income Fm. 1040 Line 22 50,000.00 55,000.00 Deductions for Adjusted Gross Income Lines 24-35 0.00 0.00 §62 Adjusted Gross income 50,000.00 55,000.00 Exemption Fm. 1040 Line 42 3,650.00 3,650.00 §151, pg. 201 Adjusted Gross income, less exemption 46,350.00 51,350.00 Itemized Deductions Charitable contributions Schedule A Line 16 500.00 500.00 §170(a)(1) Home mortgage interest Schedule A Line 10 3,000.00 3,000.00 §163(a), (h)(2)(D) Property taxes on home
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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