Question
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.
During 2022, Jason and Vicki Hurting, who are married with two children, had the following tax information. Jason owns a landscaping business, and Vicki works as a sales executive for a manufacturing business.
Jason (SSN 412-34-5670) and Vicki (SSN 412-34-5671) reside at 123 Bate Street, Bright, AL 36116. Both children are under the age of 17:
Jason Jr. (412-34-5672), date of birth 7/20/14
Catlin (412-34-5673), date of birth 1/08/18
Vickis W-2 information is as follows:
Wages | $ 94,214 |
---|---|
Federal withholding | 22,000 |
Social security wages | 94,214 |
Social security withholding | 5,841 |
Medicare withholding | 1,366 |
State withholding | 4,700 |
Other income: | |
1099-G Alabama state tax refund is taxable because $4,900 was deducted on last years return | $ 423 |
1099-INT First Bank of Alabama | 225 |
1099-DIV IBM, IncorporatedOrdinary dividends | 125 |
Qualified dividends | 125 |
The following information is for Jasons landscaping business:
Revenue | $ 153,000 |
---|---|
Wages | 41,600 |
Payroll tax | 3,182 |
Cell phone charge | 425 |
Assets ( 179 elected) |
Item | Date Purchased | Business Use Amount | Percentage |
---|---|---|---|
Truck (100% business) | 2/05/2022 | $ 28,000 | 100% |
Mower 1 | 3/08/2022 | 12,000 | 100 |
Mower 2 | 3/08/2022 | 3,400 | 100 |
Equipment | 6/25/2022 | 1,595 | 100 |
The truck was over 6,000 lb. The Hurtings had the following itemized deductions:
State income tax withholding (from above) | $ 4,700 |
---|---|
Real estate tax | 2,100 |
Personal property tax | 425 |
Mortgage interest | 8,300 |
Charitable contributions | 2,400 |
The Hurtings made four federal estimated payments of $2,500 each on their due dates.
Required:
Prepare Form 1040 plus appropriate schedules for the Hurtings for 2022. Use the appropriate Tax Rate Schedules.
Note: List the names of the taxpayers in the order in which they appear in the problem. Enter the required information in the Dependents section in a chronological order of "Dependent's social security number". Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar. Do not skip rows, while entering Dependents section in Form 1040 PG1 and Part V of Schedule C PG2.
Please show me how to calculate line 11 on the form 4562
Form 4562 Page 1. Note: Dont use Part II or Pat ill below for listed peopenty. Instead. use Pat VStep by Step Solution
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