Question
Ray and Maria Gomez have been married for 3 years. They live at 1610 Quince Ave., McAllen, TX 78701. Ray is a propane salesman for
Ray and Maria Gomez have been married for 3 years. They live at 1610 Quince Ave., McAllen, TX 78701. Ray is a propane salesman for Palm Oil Corporation and Maria works as a city clerk for the City of McAllen. Maria?s Social Security number is 444-65-9912 and Ray?s is 469-21-5523. Ray's birthday is February 21, 1988 and Maria?s birthday is December 30, 1990. Ray and Maria?s earnings and income tax withheld for 2016 are reported on the following Form W-2s:
Ray and Maria have interest income of $641from a savings account at McAllen State Bank. In addition, they own U.S. Savings bonds+(Series EE). The bonds had a value of $10,000 on January 1, 2016, and their value is $10,700 on December 31, 2016. They have not made an election with respect to these bonds.
Ray has an ex-wife named Judy Gomez. Pursuant to their divorce decree, Ray pays her $455 per month in alimony. All payments were made on time in 2016. Judy?s Social Security number is 566-74-8765.
During 2016, Ray was in the hospital for a successful operation. His health insurance company reimbursed Ray $4,732 for all of his hospital and doctor bills.
In June of 2016, Maria?s father died. Under a life insurance policy owned and paid for by her father, Maria was paid death benefits of $25,000.
Maria bought a Texas lottery ticket on impulse during 2016. Her ticket was lucky and she won $3,900. The winning amount was paid to Maria in November 2016, with no income tax withheld.
Palm Oil Corporation provides Ray with a company car to drive while he is working. The Corporation spent $5,000 to maintain this vehicle during 2016. Ray never uses the car for personal purposes.
Required: Complete the Gomez?s federal tax return for 2016. Use Form 1040 on Pages 2-53 and 2-54. Make realistic assumptions about any missing data. Updated Info 1. This question is from the text book. I have included all details in the question. 2. Taxation is classified under accounting subject. Accounting is not the wrong subject.
b Emplayer identification number (EN) 21-7654321 e Employer's name, address, and ZIP code Palm Oll Corp. 11134 E. Pecan Blvd. McAllen, TX 78501 d Control number Employees social security number 469-21-5523 Employee's first name and initial Ray Gomez 1610 Quince Avenue McAllen, TX 78701 1 Employee's address and ZIP code" 15 al Employer's stata 10 number TXI Last name 10 State wages, lips, etc. Form W-2 Wage and Tax Statement Copy B-To Be Filled With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. OMB No. 1545-0008 1 Wagas, hips, other compensation 30,129.00 2016 5 Social ascurity wagas 30,129.00 5 Medicare wagas and tips 30,129.00 Bate, accurate, FASTI Use 7 Social security Upa D Suff. 11 Nonquallied plane 13 Bagry amplerea 14 Othar 17 Stale Income tax Heuwmar n Theo-city MCN pay file Visit the AS website at www.is.gov/a 4 Social security tax withhald 1,868.00 Federal income tax withheld 4,120.00 8 Medicare tax withheld 8 Allocated tipa 120 10 Dependent care benefits 12d 436.87 120 Sae instructions for bax 12 1 12h 18 Local wages, Ups, etc. 19 Local Incora lax 20 Lacally na Department of the Treasury-intemal Revenue Service b Employer identification number (EN) 23-4444321 a Employen's social security number 444-65-9912 e Employer's name, address, and ZIP code City of McAllen 1300 W. Houston Ave. McAllen, TX 78501 d Control number Employee's first name and Inlial Maria Gomez 1610 Quince Avenue McAllen, TX 78701 f Employee's address and ZIP code 15 State Employer's state ID number TXI Last name Form W-2 Wage and Tax Statement 18 Stala wages, tips, ato. OMB No. 1545-0008 Copy B-To Be Filled With Employee's FEDERAL Tax Return. This information is being fumished to the internal Revenue Service, Safe, accurate, FASTI Use ERMA Sull. 11 Nonqualified plans 2016 Wagas, tips, other companaation 32,245.00 3 Social security wagas 32,245.00 5 Medicare wages and Upa 32,245.00 7 Social security tipa 13 AY Naurwant wrgwy DANY 17 Stale income tax 14 Olhar sefile www.is.gov P Theut-paity VUR DAY 10 Local wages, tipa, etc. Visit the IRS websila at 2 Federal income tax win 5,020.00 Social securtly tax withhaid 1,999.19 8 Medicare tax withheld SED 10 Dependent care benefits 8 Allocated tips 467.55 120 7 12 See instructions for box 12 12d 10 Local Incoma at Department of the Treasury-Internal Revenue Sanvica
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