Question
Facts: Jane Doe is the chief financial officer of Facepage, asocial media company located in Philadelphia, PA. Jane has a 10 year old son, Pugsley,
Facts: Jane Doe is the chief financial officer of Facepage, asocial media company located in Philadelphia, PA. Jane has a 10 year old son, Pugsley, who lives in her home. Jane is trying to determine how much federal income tax she will owe for 2019. Jane has the following items of income, gains and losses.
Wages $300,000
Federal income taxes withheld (100,000)
Interest income from Microsoft corporate bonds 2,000
Dividends from Apple stock 6,000
Alimony under divorce order dated 3/1/2019 12,000
Date acquired Date sold sales price Tax basis
Sale of 100 shares of XYZ stock 4/10/2000 9/15/2020 20,000 24,000
Sale of 120 shares of Pfizer stock 2/22/2020 9/18/2020 35,000 30,000
Sale of 150 shares of Microsoft stock 11/14/2016 8/31/2020 64,000 42,000
Sale of 100 shares of New York Jets stock 6/11/2018 8/05/2020 2 10,002
Short term capital loss carryforward 9,000
Jane Doe will claim the standard deduction in 2020. She is 44 years old.
Required: Complete a 2019 federal income tax return for Jane
ANSWER Should be a tax of $72,482 but if you can show your work that would be great. Thanks
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