Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the federal tax return below for 2016. Use Form 1040, Schedule A, Schedule B, and Form 2441 to complete this return. You can print

Complete the federal tax return below for 2016. Use Form 1040, Schedule A, Schedule B, and Form 2441 to complete this return. You can print these forms off of the IRS website by going to irs.gov and searching for the forms.

Lucy and Ricky Van have one child, Leroy, who is 5 years old. The Vans reside at 1234 Huckleberry Street, Kathleen, GA 31047. Ricky’s Social Security number is 577-11-3322, Lucy’s is 477-98-4735, and Leroy’s is 589-22-1142. Lucy and Ricky’s earnings and withholdings are:

Ricky:
Earnings from Dell Company (office manager) $30,000
Federal Income Tax withheld $3,000
State Income Tax withheld $1,200

Lucy:
Earnings from Rite Aid (Pharmacy Tech) $24,000
Federal Income Tax withheld$2,500
State Income Tax withheld$800

The other income includes interest from BB&T Savings of $1,600.

Other information and expenditures are:

Interest: On home mortgage$12,000
Credit card$1,000

Taxes: Property Tax on personal residence $1,600
State income tax paid for previous year$300

Contribution to church$500
Medical insurance premiums$500
Medical and dental expenses$3,000
Income tax preparation fee paid$200
Payment of union dues$250
Child Care for Leroy$3,600
CGTC Childcare Development Center

Step by Step Solution

3.36 Rating (159 Votes )

There are 3 Steps involved in it

Step: 1

Required solution is given below Answer An assessment plan is a type of IRS expects you to get ready ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

3rd edition

9780077506902, 78025540, 77506901, 978-0078025549

More Books

Students also viewed these Accounting questions

Question

1. Give them prompts, cues, and time to answer.

Answered: 1 week ago

Question

Describe return on assets, profit margin, and asset turnover.

Answered: 1 week ago