3200 and 3250 in class income tax problem

3200 and 3250 in class income tax problem - 255 133 4,000...

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HA3250 Financial Planning & Wealth Management Income Tax Problem The following information is available to prepare a 2011 federal income tax return: Filing Status: Married Dependents: Bill (age 29), Mary (age 28), 2 sons (ages 3 & 5) Bill Smith - Form W-2 Wages, Tips, Other Compensation Social Security Wages Medicare Wages and Tips Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld State Income Tax Withheld Mary Smith - Form W -2 Wages, Tips, Other Compensation Social Security Wages Medicare Wages and Tips Federal Income Tax Withheld Social Security Tax Withheld Medicare Tax Withheld State Income Tax Withheld Taxable Interest Income Savings Bank Tax Exempt Interest Income IRA Contributions Mortgage Interest Charitable Contributions Real Estate Taxes Medical Expenses Tax Preparation Fees 40,000 40,000 40,000 1,409 1,680 580 414 20,000 20,000 20,000 698 840 290 214
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Unformatted text preview: 255 133 4,000 6,390 380 5,670 2,300 350 On a separate sheet ofpaper, calculate the federal income tax liability along with the tax or refund due. Show all work. ------------------------------Bill and Mary Smith Wages Interest Dividends Gross Income IRA Adjusted Gross lncome Standard Deduction ($11,600) Exemptions Taxable Income Tax Child Tax Credit Total Tax Withholding Tax Due (Refund) W-2 FWT SWT SSWT MedWT W-2 FWT SWT SSWT MedWT FWT SWT SSWT MedWT 60,000 255 0 ---------------_. 60,255 4,000 -------------_. 56,255 13,068 -------------_. 43,187 14,800 ------------_. 28,387 3,408 2,000 -----------_. 1,408 2,107 -_ ... _------_. (699) --------_ .. 40,000 1,409 414 1,680 580 20,000 698 214 840 290 2,107 628 2,520 870 Itemized deductions: Medical NYS lIT R/E Taxes Interest Charitable Tax Prep 850 4,258 3,408 2,300 628 5,670 6,390 380 350 4,219 o o o o 1,125 o 628 5,670 6,390 380 o 13,068...
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3200 and 3250 in class income tax problem - 255 133 4,000...

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