BIG BIG FINAL TAX PROBLEM How exciting. A tax client has shown up at your door. You will finally earn big big fees!! Use the data below to prepare a 2017 Income tax return for your new clients, Bob and Mary Dingledingle. They tell you the following story: Mary has always prepared their tax returns but this year things are tricky, so they need your help. Easy Stuff: (You are not filling out any tax forms so most of this info is not needed). Bob is a teacher. He just graduated from college three (3) years ago and has a job as a science teacher in a public school. His social security number is 333-33-3333. Mary is a bookkeeper at happy land amusement park. She has great benefits but doesn't earn that much. Her social security number is 222-22-2222 They live at 2627 Peakachu Drive, Philadelphia, PA 19114. Bob hates politicians and will not contribute to any stinkin' election campaign. Mary likes The Donald and does want to contribute to election campaigns Bob and Mary have 1 boy.. little Jack Jack, Social Security number 444-44-4444, age 2. Jack Jack stays with Grandma while Mary is working so there are no day care costs. Bob and Mary dream of a big refund so they can go on a dream cruise to West Fock-i-stan. Income: Harry gets a W-2 from - Public School - PS 46 that says: Wages $45,000, Federal Withholding $9000, State Withholding $1200 Mary gets a W-2 from - Happyland Amusement park that says: $18,000, Federal Withholding $3000, State Withholding $400 Bob and Mary get Interest from the following banks- 1* Federal 100, 2nd Federal 200, 3rd Federal $300, 4th Federal-400 Mary has Dividends from the following companies-Wal-Mart $111, Disney $222, ExxonMobil $333, Royal Caribbean International $444 Mary sold 1000 shares of Disney Stock on 7/1/17 for $22,000. She bought the stock on 7/1/12 for $27,500. She has never sold stock before and has no idea how to handle this. Mary knits hats as a hobby and sold them for $50 this year. Expenses Bob and Mary have the following Expenses. Bob paid student loan interest last year of $500. Bob paid for Educator expenses of $700 last year. He knows it is really high but his students love magic markers. Bob and Mary have a house and paid Mortgage Interest of $10,800 and real estate taxes of $2800 Mary paid $100 to UNICEF, $520 to the church and $300 to her hospital-Our Lady of Perpetual Sin. Bob is a Boy Scout Leader and gives $1,000 per year to the boy scouts. Bob and Mary donated $480 worth of old clothes to the Salvation Army. Bob also subscribes to season tickets to the Washington Redskins which cost $6000. He primarily bought the tickets so he could take the Superintendent of schools to games since Bob really really wants to get on the school board. Sometimes he does take his brother-in-law to the crappy games (2 of 8 games are crappy) Little Jack Jack has had some medical issues this year. He was in the hospital for surgery costing $26,000 of which $18,000 was reimbursed by insurance. There were also Doctor bills of $2222 and Medical supplies of $876. Mary got new glasses in the amount of $500. They have no foreign accounts. You will earn a whopping $550 for doing this return. DO NOT PREPARE ANY TAX FORMS. JUST DO A TAX CALCULATION COMPUTING: 1) Total Income 2) Adjustments for AG 3) AGI 4) Itemized Deductions & Exemptions 5) Taxable Income BIG BIG FINAL TAX PROBLEM How exciting. A tax client has shown up at your door. You will finally earn big big fees!! Use the data below to prepare a 2017 Income tax return for your new clients, Bob and Mary Dingledingle. They tell you the following story: Mary has always prepared their tax returns but this year things are tricky, so they need your help. Easy Stuff: (You are not filling out any tax forms so most of this info is not needed). Bob is a teacher. He just graduated from college three (3) years ago and has a job as a science teacher in a public school. His social security number is 333-33-3333. Mary is a bookkeeper at happy land amusement park. She has great benefits but doesn't earn that much. Her social security number is 222-22-2222 They live at 2627 Peakachu Drive, Philadelphia, PA 19114. Bob hates politicians and will not contribute to any stinkin' election campaign. Mary likes The Donald and does want to contribute to election campaigns Bob and Mary have 1 boy.. little Jack Jack, Social Security number 444-44-4444, age 2. Jack Jack stays with Grandma while Mary is working so there are no day care costs. Bob and Mary dream of a big refund so they can go on a dream cruise to West Fock-i-stan. Income: Harry gets a W-2 from - Public School - PS 46 that says: Wages $45,000, Federal Withholding $9000, State Withholding $1200 Mary gets a W-2 from - Happyland Amusement park that says: $18,000, Federal Withholding $3000, State Withholding $400 Bob and Mary get Interest from the following banks- 1* Federal 100, 2nd Federal 200, 3rd Federal $300, 4th Federal-400 Mary has Dividends from the following companies-Wal-Mart $111, Disney $222, ExxonMobil $333, Royal Caribbean International $444 Mary sold 1000 shares of Disney Stock on 7/1/17 for $22,000. She bought the stock on 7/1/12 for $27,500. She has never sold stock before and has no idea how to handle this. Mary knits hats as a hobby and sold them for $50 this year. Expenses Bob and Mary have the following Expenses. Bob paid student loan interest last year of $500. Bob paid for Educator expenses of $700 last year. He knows it is really high but his students love magic markers. Bob and Mary have a house and paid Mortgage Interest of $10,800 and real estate taxes of $2800 Mary paid $100 to UNICEF, $520 to the church and $300 to her hospital-Our Lady of Perpetual Sin. Bob is a Boy Scout Leader and gives $1,000 per year to the boy scouts. Bob and Mary donated $480 worth of old clothes to the Salvation Army. Bob also subscribes to season tickets to the Washington Redskins which cost $6000. He primarily bought the tickets so he could take the Superintendent of schools to games since Bob really really wants to get on the school board. Sometimes he does take his brother-in-law to the crappy games (2 of 8 games are crappy) Little Jack Jack has had some medical issues this year. He was in the hospital for surgery costing $26,000 of which $18,000 was reimbursed by insurance. There were also Doctor bills of $2222 and Medical supplies of $876. Mary got new glasses in the amount of $500. They have no foreign accounts. You will earn a whopping $550 for doing this return. DO NOT PREPARE ANY TAX FORMS. JUST DO A TAX CALCULATION COMPUTING: 1) Total Income 2) Adjustments for AG 3) AGI 4) Itemized Deductions & Exemptions 5) Taxable Income