Question
Complete 1040 2022 from the following information: Income: Joes salary $ 129,100 Jessies craft sales 18,400 Interest from certificate of deposit 1,650 Interest from Treasury
Complete 1040 2022 from the following information:
Income: Joes salary $ 129,100 Jessies craft sales 18,400 Interest from certificate of deposit 1,650 Interest from Treasury bond funds 716 Interest from municipal bond funds 920 Expenditures: Federal income tax withheld from Joes wages $ 13,700 State income tax withheld from Joes wages 6,400 Social Security tax withheld from Joes wages 7,482 Real estate taxes on residence 6,200 Automobile licenses (based on weight) 310 State sales tax paid 1,150 Home mortgage interest 14,000 Interest on Masterdebt credit card 2,300 Medical expenses (unreimbursed) 1,690 Joes employee expenses (unreimbursed) 2,400 Cost of Jessies craft supplies 4,260 Postage for mailing crafts 145 Travel and lodging for craft shows 2,230 Self-employment tax on Jessies craft income 1,662 College tuition paid for Lizzie 5,780 Interest on loans to pay Lizzies tuition 3,200 Lizzies room and board at college 12,620 Cash contributions to Red Cross 525
Gross Income:
1. Joe's salary: $129,100
2. Jessie's craft sales: $18,400
3. Interest from certificate of deposit: $1,650
4. Interest from Treasury bond funds: $716
5. Interest from municipal bond funds: $920
Total Income: $150,786
Adjustments for AGI:
1. Employee expenses (unreimbursed): $2,400
2. Cost of Jessie's craft supplies: $4,260
Adjusted Gross Income (AGI): $144,126
Deductions from AGI:
Standard Deduction: $24,400
Qualified Business Deduction: $0
Taxable Income: $119,726
Taxes Due or Refund: $18,539.01
Complete 1040 form: (it won't attach here.. can search 1040 form online please)
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