3250 and 3200 S12 income tax practice problems

3250 and 3200 S12 income tax practice problems - HA3250 -...

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HA3250 - Financial Planning and Wealth Management Income Tax Problem The following information is available to prepare a 2010 federal income tax return: Filing Status: Married Dependents: Mark (age 34), Marcy (age 35), 3 daughters (ages 4, 6 & 8) Mark Myers - 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 Marcy Myers - 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 Credit Card Interest Paid Charitable Contributions Medical Expenses Car Loan Interest Paid Tax Preparation Fees 41,000 41,000 41,000 1,740 1,722 595 510 37,000 37,000 37,000 1,440 1,554 377 537 460 167 5,000 4,900 3,720 4,775 2,570 590 Assignment: On a separate sheet ofpaper, calculate the federal income tax liability along with the tax or refund due. Show all work (including schedule A).
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---------- ---------- ---------- Mike and Marcy Myers 2010 Homework Problem Wages Interest Gross Income IRA Adjusted Gross Income Standard Deduction Exemptions Taxable Income Tax Child Tax Credit Total Tax Withholding Tax Due 78,000.00 460.00 78,460.00 5,000.00 73,460.00 11,400.00 62,060.00 18,250.00 43,810.00 5,734.00 3,000.00 2,734.00 3,180.00 (446.00) Itemized deductions: Medical NYS lIT R/E Taxes Interest Charitable Tax Prep 837.50 6,571.50 5,734.00 5,510 o o o o 1,469 ~ --------_ .. 1,1<,1 /117'1 4,775 ~ o o 3,720 590
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HA3325 Financial Planning & Wealth Management Income Tax Problem The following information is available to prepare a 2010 federal income tax return: Filing Status: Married Dependents: Mike (age 45), Molly (age 44),3 kids (ages 11, 12 & 14) Mike Brown - 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 Molly Brown - 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
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This note was uploaded on 03/13/2012 for the course HADM 3320 taught by Professor Hensley during the Spring '10 term at Cornell.

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3250 and 3200 S12 income tax practice problems - HA3250 -...

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