Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Do I include the $3100 in workers' compensation on the 1040 form? If so, where? Social security numbers:Carl: 412-34-5670Elizabeth: 412-34-5671Date of birth: 7/13/1972Date of birth:

Do I include the $3100 in workers' compensation on the 1040 form? If so, where?

Social security numbers:Carl: 412-34-5670Elizabeth: 412-34-5671Date of birth: 7/13/1972Date of birth: 9/19/1977W-2 for Carl shows these amounts:W-2 for Elizabeth shows these amounts:Wages (box 1)=$75,000.00Wages (box 1)=$31,000.00Federal W/H (box 2)=$8,950.00Federal W/H (box 2)=$3,700.00Social security wages (box 3)=$75,000.00Social security wages (box 3)=$31,000.00Social security W/H (box 4)=$4,650.00Social security W/H (box 4)=$1,922.00Medicare wages (box 5)=$75,000.00Medicare wages (box 5)=$31,000.00Medicare W/H (box 6)=$1,087.50Medicare W/H (box 6)=$449.50

Form 1099-INT for Carl and Elizabeth shows this amount:

Box 1 = $2,450.00 from Global Bank.

They also received tax-exempt interest of $500.00, as well as $45.00 for jury duty pay when Carl went to court to serve for a few days.

Carl received two weeks of workers' compensation pay for a total of $3,100.00.

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 Accounting

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice

10th edition

324645570, 978-0324645576

Students also viewed these Accounting questions

Question

How did Socrates challenge the relativism of Protagoras?

Answered: 1 week ago