Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year.Jin Xiang is single and lives at 2468 North Lake Road in Deerwood, MN 56444. Her SSN is 412-34-5670. She worked the entire year for Lakeland Automotive. The Form W-2 from Lakeland contained information in the following boxes:Wages (box 1)=$ 43,989.28Federal W/H (box 2)=$ 4,683.91Social Security wages (box 3)=$ 43,989.28Social Security W/H (box 4)=$ 2,727.34Medicare wages (box 5)=$ 43,989.28Medicare W/H (box 6)=$ 637.84On the weekends, Jin worked at Parts-Galore, a local auto parts store. The Form W-2 from Parts-Galore contained information in the following boxes:Wages (box 1)=$ 11,591.87Federal W/H (box 2)=$ 548.82Social Security wages (box 3)=$ 11,591.87Social Security W/H (box 4)=$ 718.70Medicare wages (box 5)=$ 11,591.87Medicare W/H (box 6)=$ 168.08Jin also received a Form 1099-INT from Minnesota Savings and Loan. The amount of interest income in box 1 of the Form 1099-INT was $149.22.Required:Prepare a Form 1040 for Jin. Use the appropriate Tax Tables.Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the forms.

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_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 Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

8th edition

978-1118953815, 978-1118953907

More Books

Students also viewed these Accounting questions