Please complete the 2014 federal income tax return for Jonathan Hales. Be sure to include only required
Question:
Jonathan Hales attended State University as a part-time student during the year. Jonathan lived at home with his parents while working a part-time job. The following information relates to 2014:
Jonathan's Social Security number is 546-87-9876
His mailing address is 123 Spring Lane, Willow, Texas 77521
Jonathan is a U.S. citizen
Jonathan was single during the entire year
Jonathan turned 24 on July 1
Jonathan does not have any children or provide support for anyone but himself
Jonathan received the following income during the year:
All applicable and appropriate payroll taxes were withheld by his various employers.
Jonathan received $3,115 in interest income from the First Bank of Texas during the year. Jonathan did not own, control or manage any foreign bank accounts nor was he a grantor or beneficiary of a foreign trust during the tax year.
Jonathan has the following itemized deductions: $5,000 health insurance, $3,500 home mortgage interest, $1,000 property taxes, $400 in charitable donations to Goodwill, and $100 in tax return preparation fees.
Jonathan also operated a small business called Rock Climber Tours. His small business collected $5,000 in revenue. There was no cost of goods sold as the business is a service business. The following expenses were recorded: $1,000 equipment purchases, $300 in gasoline and $200 in license fees.
Jonathan does not want to contribute to the Presidential Election Campaign. He would like to receive a refund (if any) of any tax he may have overpaid for the year. His preferred method of receiving the refund is by check.
Step by Step Answer:
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill