ACC 3314 Final Manual Tax Problem 1040 student Fall 2021 Problem FACTS; Tax year 2020 using Marginal Federal Tax Rate Table Total Points 54 Very legibly, manually complete the 1040 to determine Federal taxes owed or to be refunded. Use pencil All 1040 lines without dollar figures should show as zero (O). All 1040 lines must compute. Photograph completed 1040 and your manual Federal Income tax calculation on notebook paper. Upload both the 1040 and your manual Federal income tax calculation to Canvas Gradebook by due date. You and your spouse are under the age of 65 and you have a son under the age of 17 Make up a name for your spouse and child. Determine if you qualify for the child tax credit reported on 1040 Sign the tax return for yourself; you are an IT Engineer Sign the tax return for your spouse as an Instructional Design Artist You have no foreign investments or accounts You have no interest in Virtual Currency You both want $3 to go to the Presidential Fund Home address: 700 Apple Valley Road in Minneapolis, Minnesota 55444 Social security numbers: you 444-24-5555; spouse 666-12-3333; son 777-55-9999 You and your family have had no medical expenses, and you have not made charity contributions. You and your family will not use 1040 line 10b as you did not make any charitable contributions You have no mortgage interest, there are no QBI (Qualified Business Income Deductions on 1040 line 13) Tax Year is 2020 CLUB You have no mortgage interest, there are no 0B1 (Qualified Business Income Deductions on 1040 line 13) Tax Year is 2020 A Salary (W-2) & Federal Income Taxes withheld on W-2 on your Ware Statement C State Income Taxes withheld on your W-2 Wage Statement D Regular interest 1099 int no Federal Taxes were pre-paid on the interest) E Long-Term Capital Gain (1099) Short-Term Capital Loss (1099 B) G Ordinary Qualified Dividend (1099Div: no Federal Taxes were prepaid on Dividends) H Total itemized Deductions, Line 29 (Sch A) Standard Deduction (IRS) (determine dollars for 2020) Tax Exempt interest K Self-Employed Business Income + business use of home expenses reported on Sch 1 line 3 89 carried to 1040 Estimated Federal income taxes paid by self-employed spouse M Estimated State Income taxes paid by self employed spouse N Self Employment taxes paid by spouse and reported on Sch 2 line10 and carried to 1040 O Self Employment tax deduction (a deduction for AGI) reported on Sh 1 line 22 and carried to 1040 5 105.000 5 7.900 S 5,940 S 5.500 S 11,000 $ (12,000) $ 6,100 $ 6,780 see chart $ 3.000 $10,326 15 4.200 $ 340 $ 1459 $ 730 Remember to show your manual Federal Income Tax liability Calculation on Notebook paper for 1040 line 16 1/1 MacBook Pro ACC 3314 Final Manual Tax Problem 1040 student Fall 2021 Problem FACTS; Tax year 2020 using Marginal Federal Tax Rate Table Total Points 54 Very legibly, manually complete the 1040 to determine Federal taxes owed or to be refunded. Use pencil All 1040 lines without dollar figures should show as zero (O). All 1040 lines must compute. Photograph completed 1040 and your manual Federal Income tax calculation on notebook paper. Upload both the 1040 and your manual Federal income tax calculation to Canvas Gradebook by due date. You and your spouse are under the age of 65 and you have a son under the age of 17 Make up a name for your spouse and child. Determine if you qualify for the child tax credit reported on 1040 Sign the tax return for yourself; you are an IT Engineer Sign the tax return for your spouse as an Instructional Design Artist You have no foreign investments or accounts You have no interest in Virtual Currency You both want $3 to go to the Presidential Fund Home address: 700 Apple Valley Road in Minneapolis, Minnesota 55444 Social security numbers: you 444-24-5555; spouse 666-12-3333; son 777-55-9999 You and your family have had no medical expenses, and you have not made charity contributions. You and your family will not use 1040 line 10b as you did not make any charitable contributions You have no mortgage interest, there are no QBI (Qualified Business Income Deductions on 1040 line 13) Tax Year is 2020 CLUB You have no mortgage interest, there are no 0B1 (Qualified Business Income Deductions on 1040 line 13) Tax Year is 2020 A Salary (W-2) & Federal Income Taxes withheld on W-2 on your Ware Statement C State Income Taxes withheld on your W-2 Wage Statement D Regular interest 1099 int no Federal Taxes were pre-paid on the interest) E Long-Term Capital Gain (1099) Short-Term Capital Loss (1099 B) G Ordinary Qualified Dividend (1099Div: no Federal Taxes were prepaid on Dividends) H Total itemized Deductions, Line 29 (Sch A) Standard Deduction (IRS) (determine dollars for 2020) Tax Exempt interest K Self-Employed Business Income + business use of home expenses reported on Sch 1 line 3 89 carried to 1040 Estimated Federal income taxes paid by self-employed spouse M Estimated State Income taxes paid by self employed spouse N Self Employment taxes paid by spouse and reported on Sch 2 line10 and carried to 1040 O Self Employment tax deduction (a deduction for AGI) reported on Sh 1 line 22 and carried to 1040 5 105.000 5 7.900 S 5,940 S 5.500 S 11,000 $ (12,000) $ 6,100 $ 6,780 see chart $ 3.000 $10,326 15 4.200 $ 340 $ 1459 $ 730 Remember to show your manual Federal Income Tax liability Calculation on Notebook paper for 1040 line 16 1/1 MacBook Pro