Derek L. Shephard and Meredith A. Grey, husband and wife, file a joint return. They live at 113 Winthrop Drive, Austin, TX, 42871. Derek's Social Security number is 234-56-7890, and Meredith's is 987-65-4321. Derek was born on November 12, 1949, and Meredith was born on September 25, 1965. Derek retired from ABC Medical, and Meredith works part-time as an accountant. They furnished over half of the total support of each of the following individuals, all of whom live at their home: Christina Miller, Meredith's friend, age 50, moved in with Derek and Meredith in late 2015. Christina moved in because she lost her job and needed somewhere to stay. She has yet to find a new job, and Meredith and Derek provided over half of her support. Christina's Social Security Number is 345-67- 8900. Izzy Shephard, their daughter, age 22, a full-time student, and has no income of her own and for 2016. Izzy's Social Security number is 111-00-2222. George Shephard, their son. age 26, is a full-time graduate student with gross income of $5, 200. George's Social Security number is 123-45-6789. Derek and Meredith had the following income for 2016: Meredith earned a salary of $25,000 working part-time as a tax-accountant during busy season. Derek received $3, 500 per month from a pension he earned through ABC Medical. He started receiving these payments in June of 2015. (He is required to use the simplified method to determine his taxable income from these payments). Interest income of $ 10.000 from various corporate bond investments Interest income of $50,000 from bonds issued by the State of Texas Meredith received $100,000 of life insurance proceeds due to her mother's death in 2016. Meredith's mother designated that Meredith receive the $65, 100 left in her checking account in the event that she died. Meredith withdrew this amount in November 2016. Derek and Meredith file a joint tax return and take the standard deduction. Assignment Instructions: Prepare Form 1040 and Schedule B for the Derek Shephard and Meredith Gray. Use the tax rate schedule to calculate the tax liability on Form 1040. Please include a cover sheet that includes both the name of you (and your partner, if applicable) and your respective class time(s). If working with a partner, you should only submit one copy of the assignment. The assignment is due NO LATER than the start of class on Monday, February 20th. No late submissions will be accepted. Derek L. Shephard and Meredith A. Grey, husband and wife, file a joint return. They live at 113 Winthrop Drive, Austin, TX, 42871. Derek's Social Security number is 234-56-7890, and Meredith's is 987-65-4321. Derek was born on November 12, 1949, and Meredith was born on September 25, 1965. Derek retired from ABC Medical, and Meredith works part-time as an accountant. They furnished over half of the total support of each of the following individuals, all of whom live at their home: Christina Miller, Meredith's friend, age 50, moved in with Derek and Meredith in late 2015. Christina moved in because she lost her job and needed somewhere to stay. She has yet to find a new job, and Meredith and Derek provided over half of her support. Christina's Social Security Number is 345-67- 8900. Izzy Shephard, their daughter, age 22, a full-time student, and has no income of her own and for 2016. Izzy's Social Security number is 111-00-2222. George Shephard, their son. age 26, is a full-time graduate student with gross income of $5, 200. George's Social Security number is 123-45-6789. Derek and Meredith had the following income for 2016: Meredith earned a salary of $25,000 working part-time as a tax-accountant during busy season. Derek received $3, 500 per month from a pension he earned through ABC Medical. He started receiving these payments in June of 2015. (He is required to use the simplified method to determine his taxable income from these payments). Interest income of $ 10.000 from various corporate bond investments Interest income of $50,000 from bonds issued by the State of Texas Meredith received $100,000 of life insurance proceeds due to her mother's death in 2016. Meredith's mother designated that Meredith receive the $65, 100 left in her checking account in the event that she died. Meredith withdrew this amount in November 2016. Derek and Meredith file a joint tax return and take the standard deduction. Assignment Instructions: Prepare Form 1040 and Schedule B for the Derek Shephard and Meredith Gray. Use the tax rate schedule to calculate the tax liability on Form 1040. Please include a cover sheet that includes both the name of you (and your partner, if applicable) and your respective class time(s). If working with a partner, you should only submit one copy of the assignment. The assignment is due NO LATER than the start of class on Monday, February 20th. No late submissions will be accepted
