During 2022, Jason and Vicki Hurting, who are married with two children, had the following tax information. Jason owns a landscaping business, and Vicki works
During 2022, Jason and Vicki Hurting, who are married with two children, had the following tax information. Jason owns a landscaping business, and Vicki works as a sales executive for a manufacturing business. Jason (SSN 412-34-5670) and Vicki (SSN 412-34-5671) reside at 123 Bate Street, Bright, AL 36116. Both children are under the age of 17: Jason Jr. (412-34-5672), date of birth 7/20/14 Catlin (412-34-5673), date of birth 1/08/18 Vicki’s W-2 information is as follows: Wages $ 94,214 Federal withholding 22,000 Social security wages 94,214 Social security withholding 5,841 Medicare withholding 1,366 State withholding 4,700 Other income: 1099-G Alabama state tax refund is taxable because $4,900 was deducted on last year’s return $ 423 1099-INT First Bank of Alabama 225 1099-DIV IBM, Incorporated—Ordinary dividends 125 Qualified dividends 125 The following information is for Jason’s landscaping business: Revenue $ 153,000 Wages 41,600 Payroll tax 3,182 Cell phone charge 425 Assets (§ 179 elected) Item Date Purchased Business Use Amount Percentage Truck (100% business) 2/05/2022 $ 28,000 100% Mower 1 3/08/2022 12,000 100 Mower 2 3/08/2022 3,400 100 Equipment 6/25/2022 1,595 100 The truck was over 6,000 lb. The Hurtings had the following itemized deductions: State income tax withholding (from above) $ 4,700 Real estate tax 2,100 Personal property tax 425 Mortgage interest 8,300 Charitable contributions 2,400 The Hurtings made four federal estimated payments of $2,500 each on their due dates. Required: Prepare Form 1040 plus appropriate schedules for the Hurtings for 2022. Use the appropriate Tax Rate Schedules. Note: List the names of the taxpayers in the order in which they appear in the problem. Enter the required information in the Dependents section in a chronological order of "Dependent's social security number". Input all the values as positive numbers. Use Rounded values for tax computation. Do not round other intermediate computations. Round your final answers to nearest whole dollar. Do not skip rows, while entering Dependents section in Form 1040 PG1 and Part V of Schedule C PG2. Need to know where each item goes in each from 1040 for a couple married filing jointly with 2 dependent children.
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To prepare the 2022 Form 1040 and appropriate schedules for Jason and Vicki Hurting we need to input their information into the correct sections of the tax forms Heres a stepbystep guide on how to fil...See step-by-step solutions with expert insights and AI powered tools for academic success
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