Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Details Charles D. and Alice A. Davis were married during all of 2019 and had income from the following sources: Salary, Charles Federal income tax
Details Charles D. and Alice A. Davis were married during all of 2019 and had income from the following sources: Salary, Charles Federal income tax withheld Part-time salary, Alice Federal income tax withheld Interest from Bank of America savings account Interest from US Federal Government Bonds $87,100 3,425 16,700 880 320 430 Charles (age 48) and Alice (age 48) provide the sole support of their two children (both under age 17). During the year, they paid job-related child care expenses of $2,200. Their itemized deduction for the year are insufficient for them to itemize, but a deductible $2,000 was deposited in each of their individual retirement accounts. The Davis' are fortunate to have full-year health coverage through Charles' employer. Calculate the Federal income tax and the tax due (or refund) for Mr. and Mrs. Davis, assuming they file a joint return. The Davis' do not want to contribute to the Presidential campaign fund. To simplify the calculation, assume that $440 is the credit for children and dependent care expenses as calculated on Form 2441, Line 11. Use the 2019 amount for the standard deduction. Also use the 2019 tax tables. Instructions: Please complete the 2019 federal income tax return for the Davis family. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Supply fictitious information for the address, occupations, Social Security numbers and children's names
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started