file Tax for john and mary

use forms:

1040

1040 SA

1040 SC

1040 SD

1040 SE

1040 SSE

4562

8949

John and Mary Patel file their 2014 tax return as married filing joint return. Both are teachers at HISD. Each makes $50,000 salary. Income tax withheld are 15% of their gross wages, Medicare tax withheld is 1.45% of their wages and no social security tax was withheld They own a rental property which they bought in 2000 for $85,000 with a land value of $8500. Income and expenses on the rental property is as follows: Rent income Real estate taxes Mortgage interest Maintenance and cleaning Utilities 15,000 3000 2500 1500 300 They also bought air condition unit on 05/01/2014 for 1050 and changed a roof on 10/12/2014 at a cost of $1500 Their stock transactions are as follows: Date of Purchase IBM stock 1/1/2010 XYZ Stock 1/1/2014 Date Sold 9/30/2014 8/30/2014 Quantity Bought 500 1000 Quantity Sold 250 1000 Cost of each Share 250 2.5 Sale Price 400 1 John also owns a consulting business. His income and expenses are as follows: Consulting income 30,000 Expense Contract labor 15,000 Supplies 1500 He bought a specialized computer for his business for $15000. He wants to take maximum depreciation on his computer. Mortgage Interest on House Real Estate Taxes Charitable Contribution Medical Expenses Insurance on House 10500 6200 1850 5620 2350 Mary alspo has a consulting business. She conducts profesional development classes for Teachers. Her Income and expenses are as follows; Revenue from lectures Travel costs Meals and entertainment 12,000 8,000 500