Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following

image text in transcribed
Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: :4-60 Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. Received $1,000 of interest income on bonds issued by the City of Tampa. Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV Alice's employer paid $2,000 of medical and health insurance premiums on her behalf. Received $12,000 alimony from her ex-husband. State University provided $60,000 of group term life insurance. Alice is 42 years old and is not a key employee. The table in the text is applicable. Received a $1,000 cash award from her employer for being designated the Secretary of the Year . . Total itemized deductions are $8,000. Complete Form 1040 and accompanying schedules for Alice Johnson's 2016 return

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Visual Auditory And Kinesthetic Self Audit Communication And Learning Profiles

Authors: Brian Everard Walsh, Ronald Willard, Astrid Whiting

1st Edition

098666555X, 978-0986665554

More Books

Students also viewed these Accounting questions

Question

Explain the causes of indiscipline.

Answered: 1 week ago