CS CFFS 4260 Exercise 2. (For calculations, use textbook 2020 tables on pp.660-661 or 2020 tables posted on Carmen.) Save this file, and submit using the Carmen Quiz tool in the Exercise 2 Quiz. Your name Jim Smith, age 22, has the W2 listed at the bottom of this file. He lives in Florida. He has no dependents, If no information is provided for an item needed on the retum, assume that it is zero, c.g., no contribution to an IRA because not listed below. Line numbers are for the 2020 IRS 1040 form posted on Carmen. Fill in the table below, as if it is April 2021 and he is filing their 2020 federal income tax return now (25pts). A. Line 10. Adjustments to grow income (list) Line 10c Total adjustments to income B. Line 11. Adjusted gross income c. Line 12: Standard deduction or itemized deductions D. Line 15: Taxable Income E. Federal income tax bracket F. Line 16: Federal income tax for 2020 before credits - G. Line 25a: Amount withheld shown on W2 form Will there be a refund or a balance due? H. How much? 1. In which 1040 Line will that amount be entered? W2 form for Jim Box I wages - 580,000. Box 2 federal income tax withheld - $10,000 Selected expenses in 2020 Rent Out-of-pocket medical expenses not covered by employer medical insurance Contributions to charity Amount $ 9,178 $ 580 $1,000 1040 2020 Department of the Treasury-Intemal Revenue Service (90) U.S. Individual Income Tax Return OMB No 1545-0074 IRS Use Only-Do not wile or staple in this space Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last name Your social security number joint return, spouse's first name and middle initial Last name Spouse's social security number to you Home address number and street). If you have a P.O. box, see instructions Apt. no. Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address also complete spaces below. State ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/state/county Foreign postal code your tax or refund. You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate retur or you were a dual-statos alien Age/Blindness You: Were bom before January 2, 1956 Are blind Spouse was born before January 2, 1956 Is blind Dependents (see Instructions: (2) Social security (3) Relationship 14 i qualifies for see instructions: If more (1) First name Last name number Child tax credit Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Formis) W-2 1 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. B 3a Qualified dividends 3a required. b Ordinary dividends 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities b Taxable amount 5b Standard 6a Social security benefits b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married sing 8 Other income from Schedule 1, line 9 8 separately. $12.400 9 Add lines 1, 2, 3, 4, 5b, Bb, 7 and 8. This is your total income 9 Married filing 10 Adjustments to income: Jointly or Quiting a From Schedule 1, line 22 widower $24.800 b Charitable contributions if you take the standard deduction. See Instructions 10b Head of Add lines 10a and 10b. These are your total adjustments to income 100 household $18.650 11 Subtract line 10c from line 9. This is your adjusted gross Income 11 you checked 12 Standard deduction or itemized deductions (from Schedule A) 12 any box under Standard 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 Deduction 14 Add lines 12 and 13. 14 See instructions 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter - 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, se separate instructions. Cat No. 113200 Form 1040 2020 10a A 2020 Federal Income Tax Schedules 2020 Adjusted gr income 100,000 Y1 joint SO $19,750 10% 19,750 $80,250 1,975.00 19,750.00 12% 80,250 $171,050 9.235.00 80,250.00 22% 171,050 $326,600 29,211.00 171,050.00 24% 326,600 $414,700 66.543.00 326,600.00 32% 414,700 $622,050 94.735.00 414,700.00 35% 622,050 167,307.50 37.0% Y2 sep Over but not over The tax is $0 $9,875 10% 9,875 $40,125 987.50 9,875.00 12% 40,125 $85,525 4,617.50 40,125.00 22% 85,525 $163,300 14,605.50 85,525.00 24% 163,300 $207,350 33.271.50 163,300.00 32% 207,350 $311,025 47,367.50 207,350.00 35% 311,025 83,653.75 311,025.00 37.0% X sing Over but not over The tax is of the amount over $0 $9.875 10% 9,875 $40,125 987.50 9,875.00 12% 40,125 $85,525 4,617.50 40,125.00 22% 85,525 $163,300 14,605.50 85,525.00 24% 163,300 $207,350 33,271.50 163,300.00 32% 207,350 $518,400 47,367.50 207,350.00 35% 518,400 156,235.00 37.0% Z head Over but not over The tax is of the amount over $0 $14,100 10% 14,100 $53,700 1,410.00 14,100.00 12% 53,700 $85,500 6,162.00 53,700.00 22% 85,500 $163,300 13,158.00 85,500.00 24% 163,300 $207,350 31.830.00 163,300.00 32% 207,350 $518,400 45,926.00 207,350.00 35% 518,400 154,793.50 518,400.00 37.0% CS CFFS 4260 Exercise 2. (For calculations, use textbook 2020 tables on pp.660-661 or 2020 tables posted on Carmen.) Save this file, and submit using the Carmen Quiz tool in the Exercise 2 Quiz. Your name Jim Smith, age 22, has the W2 listed at the bottom of this file. He lives in Florida. He has no dependents, If no information is provided for an item needed on the retum, assume that it is zero, c.g., no contribution to an IRA because not listed below. Line numbers are for the 2020 IRS 1040 form posted on Carmen. Fill in the table below, as if it is April 2021 and he is filing their 2020 federal income tax return now (25pts). A. Line 10. Adjustments to grow income (list) Line 10c Total adjustments to income B. Line 11. Adjusted gross income c. Line 12: Standard deduction or itemized deductions D. Line 15: Taxable Income E. Federal income tax bracket F. Line 16: Federal income tax for 2020 before credits - G. Line 25a: Amount withheld shown on W2 form Will there be a refund or a balance due? H. How much? 1. In which 1040 Line will that amount be entered? W2 form for Jim Box I wages - 580,000. Box 2 federal income tax withheld - $10,000 Selected expenses in 2020 Rent Out-of-pocket medical expenses not covered by employer medical insurance Contributions to charity Amount $ 9,178 $ 580 $1,000 1040 2020 Department of the Treasury-Intemal Revenue Service (90) U.S. Individual Income Tax Return OMB No 1545-0074 IRS Use Only-Do not wile or staple in this space Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last name Your social security number joint return, spouse's first name and middle initial Last name Spouse's social security number to you Home address number and street). If you have a P.O. box, see instructions Apt. no. Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address also complete spaces below. State ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/state/county Foreign postal code your tax or refund. You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate retur or you were a dual-statos alien Age/Blindness You: Were bom before January 2, 1956 Are blind Spouse was born before January 2, 1956 Is blind Dependents (see Instructions: (2) Social security (3) Relationship 14 i qualifies for see instructions: If more (1) First name Last name number Child tax credit Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Formis) W-2 1 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. B 3a Qualified dividends 3a required. b Ordinary dividends 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities b Taxable amount 5b Standard 6a Social security benefits b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married sing 8 Other income from Schedule 1, line 9 8 separately. $12.400 9 Add lines 1, 2, 3, 4, 5b, Bb, 7 and 8. This is your total income 9 Married filing 10 Adjustments to income: Jointly or Quiting a From Schedule 1, line 22 widower $24.800 b Charitable contributions if you take the standard deduction. See Instructions 10b Head of Add lines 10a and 10b. These are your total adjustments to income 100 household $18.650 11 Subtract line 10c from line 9. This is your adjusted gross Income 11 you checked 12 Standard deduction or itemized deductions (from Schedule A) 12 any box under Standard 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 Deduction 14 Add lines 12 and 13. 14 See instructions 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter - 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, se separate instructions. Cat No. 113200 Form 1040 2020 10a A 2020 Federal Income Tax Schedules 2020 Adjusted gr income 100,000 Y1 joint SO $19,750 10% 19,750 $80,250 1,975.00 19,750.00 12% 80,250 $171,050 9.235.00 80,250.00 22% 171,050 $326,600 29,211.00 171,050.00 24% 326,600 $414,700 66.543.00 326,600.00 32% 414,700 $622,050 94.735.00 414,700.00 35% 622,050 167,307.50 37.0% Y2 sep Over but not over The tax is $0 $9,875 10% 9,875 $40,125 987.50 9,875.00 12% 40,125 $85,525 4,617.50 40,125.00 22% 85,525 $163,300 14,605.50 85,525.00 24% 163,300 $207,350 33.271.50 163,300.00 32% 207,350 $311,025 47,367.50 207,350.00 35% 311,025 83,653.75 311,025.00 37.0% X sing Over but not over The tax is of the amount over $0 $9.875 10% 9,875 $40,125 987.50 9,875.00 12% 40,125 $85,525 4,617.50 40,125.00 22% 85,525 $163,300 14,605.50 85,525.00 24% 163,300 $207,350 33,271.50 163,300.00 32% 207,350 $518,400 47,367.50 207,350.00 35% 518,400 156,235.00 37.0% Z head Over but not over The tax is of the amount over $0 $14,100 10% 14,100 $53,700 1,410.00 14,100.00 12% 53,700 $85,500 6,162.00 53,700.00 22% 85,500 $163,300 13,158.00 85,500.00 24% 163,300 $207,350 31.830.00 163,300.00 32% 207,350 $518,400 45,926.00 207,350.00 35% 518,400 154,793.50 518,400.00 37.0%