Question
Complete the federal income tax forms for a married couple (information provided in Appendix A). It is up to the student which forms are used
Complete the federal income tax forms for a married couple (information provided in Appendix A). It is up to the student which forms are used from the following list (blank copies of all forms are available in your classroom in Week 5 under Final Paper).
Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment.
- Form 1040
- Form 1040A
- Schedule 1
- Schedule 2
- Schedule A
- Schedule B
- Schedule D
The assignment can be completed with or without the TaxAct CD that comes with the hard-copy of the text.
Upon completing the return, the student will submit a three to six page paper describing why they chose the forms and how the federal income tax return forms work. The student will submit both the tax return (all forms used) and the paper to their instructor.
Writing the Final Paper
The Final Paper:
- Must be three to six double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center.
- Must include a title page with the following:
- Title of paper
- Students name
- Course name and number
- Instructors name
- Date submitted
Please use this information for your Tax Return and Paper.
*All people, businesses, and information are fictional. Any relation to an actual person or business is accidental.
Kenneth Jones
SSN: 0XX-01-1XXX
Date of Birth (DOB): 05/27/1977
Gross Pay: $64,628
401(k) contributions: $5,250
Healthcare costs (payroll deductions): $2,438
Reported wages: $56,940
Social Security Wages: $62,190
Medicare Wages: $62,190
State Wages: $56,940
Taxes withheld:
Federal: $5,640
Social Security: $3,855.78
Medicare: $901.76
State: $723.56
SDI (mandatory disability insurance): $581.65
Employer: PointMark, INC
Address: 1111 One Park Place
City: One City
State: California
Zip code: 11111
Employers FED ID number: 33-01XXX11
Naomi Jones
SSN: 001-02-XXXX
DOB: 08/11/1980
Gross Pay: $58,192
401(k) contributions: $5,000
Healthcare costs (payroll deductions): $2,164
Reported wages: $51,028
Social Security Wages: $56,028
Medicare Wages: $56,028
State Wages: $51,028
Taxes withheld:
Federal: $4,704
Social Security: $3,473.74
Medicare: $812.41
State: $704.82
SDI (mandatory disability insurance): $523.73
Employer: CompanyOne
Address: 1111 Place Road
City: One City
State: California
Zip code: 11112
Employers FED ID number: 33-01XXX22
Dependent: Home address:
Derek Jones 123 Rolling Road
SSN: 001-XX-XX00 One City, CA 11111
DOB: 12/29/2013
Child Care Costs: $11,200
Child Care Provider: Kidland Daycare Center
Address: 121 Place Road
City: One City
State: California
Zip code: 11111
Identifying number: 33-XXXX011
Life Change Events
Home Sale:
Primary residence sale price $615,000
Cost basis (incurred three years prior) $400,000
Property Tax paid: $4,700
Mortgage Interest paid: $16,300
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