Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

complete a 2 0 2 3 tax return based on info below Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is

complete a 2023 tax return based on info below
Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm white Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000).
Neither Joe nor Jessie are blind or over age 65, and they plan to file as married filing joint. Assume that the employer portion of the self-employment tax on Jessie's income is $831. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:
Income:
Joe's salary $129,100
Jessie's craft sales $18,400
Interest from certificate of deposit,1,650]
Interest from Treasury bond funds,716]
Interest from Municipal bonds, 920]
[Expenditures:],
Federal income tax withheld from Joes wages [$13,700]
State income tax withheld from Joe's wages, 6,400]
Social Security tax withheld from Joe's 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
Medical expenses (unreimbursed),1,690
Joe's employee expenses (unreimbursed),2,400]
[Cost of Jessie's craft supplies 4260
[Postage for mailing crafts 145],
Travel and lodging for craft'shows 2230
[Self-employment tax on Jessie's craft income]1662
[College turition paid for Lizzie 5780[Interest on loans to pay Lizzie's tuition, 3,200
Lizzie's room and board at college,12,620
Cash contributions to Red Cross,525
image text in transcribed

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

Financial Management For Nurse Managers And Executives

Authors: Cheryl Jones, Steven A. Finkler, Christine T. Kovner

4th Edition

ISBN: 1455700886, 9781455700882

More Books

Students also viewed these Finance questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

Identify traditional external recruitment methods.

Answered: 1 week ago

Question

Describe alternatives to recruitment.

Answered: 1 week ago