fill out form 1040
fill out the form 1040 , 2 page
Predew File Idit VewCo Tools Window Help Untitled (F1040 copy) (page 2 of 2)-Fdited Page 2 Form 1040 2018 1 Wagos, salaries, ps, etc. Atach Form W-2 Tax-exempt intarest 2 b Tacable intorost 2a anu Po w2 Aso at Fomme W20ad 109-R w wh 3b 3 Qualified dividonds b Ordinary dividendse 3a b Taable amount 4a RAa, pansions, and annutios 4a 4b Taablemount Social securty benefts Total income Add Ines 1 through Add any amount trom Schedule 1, Ine 22 Adjusted gross income. If you have no adjustments to Income, enter the amount from line 6; otherwise, Sa subtract SchedJe 1, ine 36, from ine 6 drd Deduction for Singe or ma ng woaly $12000 7 Standard deduetion or temized deductions rom Schedule A Qualified business income deduction (se instructions Taxable inoome. Subtract ines 8 and 9 from line 7. zoro or less, enter -0- 10 Mamied fing petyor Qusityng 1 widowa 4.000 a Tax bee inet oheck f any trom b Add any amount trom Schedule 2 and check here a Chid x odloedt for ofher dependents Subtract ne 12 from line 11. zero or less, enter- 1Fom 4 2Fom 4372 3 11 12 ead of ho ld 2,000bAdd any amount fom Schedule 3 and check hore 13 13 $18000 13 Other taxes Atach Schedule 4 34 14 any box undie Sandard dedtion e inruons 15 Total tax Add lines 13 and 14 15 Federal inoome tax withheid from Foms W-2 and 1099 16 16 Relundate credts 17 a EC inst b Sch 612 e Fom 8863 Add any amount from Schedule 5 Add ines 16 and 17. These are your total paymentsu I ine 18 is mo than line 15, subtract ine 15 from line 18. This is the amount you overpaid 17 18 18 19 Refund 19 Amount of line 19 you want retunded to you If Form 8 is atached, check here 20a Dret depo See ruction Routing number 20 Type Oecking Sevings Account number Anount of Ine 19 you wont applied to your 2019 estimated tax 21 21 Amout You Own Amount you owe Subtract ine 18 from Iine 15 For detals on how to pey, see instructions 22 Estimated tax penaty oe inetrctions Go to www.isgoFom 1040 for inetnactions and the latest infommation 2 22 23 Fom 1040 p0s MacBook Air 44 % & 4 6 7 5 l Sprint 9:24 PM 57% Touch to return to call 52:10 Answer L LGross Inceme of Marc and Michele- Computation Salary of Marc Salary of Michelle +) Interest from Municipal Bonds +) Interest from Corporate Bonds Total Less: Interest From Municipal Bonds 64,000 12,000 350 500 76,850 350 Gross Total Income Note: Municipal bonds are the loans investors give to local governments. They are issued by cities, states and local govermments. For that reason, the interest received on these bonds is tax-free. That is why it is deducted from gross total income 2. AGI Deductions Adjusted gross income (AGI) is an ndividual's total gross income minus specifie dedactions There are 2 items which can be deducted from Gross Total Income for reaching at AGI 76,500 a) Marc's contribution to individual retirement account 2.500 b) Alimony paid to prior spouse by Mare 1,500 Total AGI Deductions 4000 3. Adjusted Gress Tetal Inceme Gross total income 76,500 Less: AGI Deductions 4,000 Total Adjusted Gross Total Income 72.500 4.Standard deduction alooned to married couple filing the return jointly: 11,400 SItemized Dedactions: Marc and Michelle paid expenditure 6,000 Greater of Standard deduction or itemized deductions: Greater of the amount in point 4 and 5 is 11,400 7 Taxable income Total adjusted gross total income Less: Personal and dependency exemptions (3650 3) Less: Greater of the standard and itemized 72,500 10,950 11,400 deduction Taxable Income 50,150 Note: Married people who file jointly can claim two personal exemptions, one for cach spouse, plus exemptions or each of their dependents sInceme tax liability Taxable Income 50,150 16,700 33,450 15% 5018 Less: Basic Exemption Limit Tax rate Tax (33450 15/100) Add: Cess Total tax laibilty . Credits Child tax credit of $ 2000 10. Prepayments: Federal income tax withheld S 5500 11. Tax refand Tax liability Less: Credits Less: Prepayments 1,670 6,688 6,688 2,000 5,500 812 Tax Refund Text Box A he Styles U ABE 31 Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account and he also paid alimony to a prior spouse in the amount of $1,500. Marc and Michellle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid S6,000 of expenditures that qualify as itemized deductions and they had a total of S5,500 in federal income taxes withheld from their paychecks during the course of the year. Points 0.6 Aount Computation Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions 0.4 0.4 0.2 0.2 0.2 0.2 (7) Taxable income (8) Income tax liability (9) Credits (10) Prepayments 0.2 0.2 0.2 0.2 Taxes (refund) with return (1 point) Complete pages 1 and 2 of Marc and Michelle's 2018 Form 1040. Make up addresses and social security numbers a. What is Marc and Michelle's gross income Done Answer 1 of 1 $76.500 See analysis below. b. What is Marc and Michelle's adjusted gross income? $72,500 See analysis below c. What is the total amount of Mare and Michelle's dodactions from AGI? $22.350. See analysis below d. What is Mare and Michelle's taxable income? $50,150 See analysis below e. What is Marc and Michelle's taxes payable or refund due for the year (use the tax. rate schedules)? $812 saves refundable. See analysis below Description ) Realized income from all sowces Computation Amount $76,850 4,000 salary+ 12,000 salary+ 350 unicipal bond interest+500 corporate ond interest 2) Exclwded or deferred Nontarable municipal bond interest 350 income I)-(2) 3) Gross income 76,500 4) For AGI deductions 4000 2.500 qualified moving expenses+ 1,300 alimony paid 3)-(4) Married Aling jointly 3) Adjusted gross income 6) Standard dewction 72.500 11400 7) Ihemised dedwerions 8) Greater of standard deductions or iemiced deductions 19) ersonal a dependency exenptions 10) Total deductioes from 6,000 6)>(7) 11,400 3,650x 3 (no personal exemptions and one dependency exemption) 8)+9) 0.950 (22.350 ) Taxable income 5)+(108 $50,150 12) Income tax ablity $6,688 50,150 16700) x 15 % + 1670 (see tax ute schedule for married filing jointlyy Amount rounded to whole dollar 13) Other taxes 14) Total tax V12)+(13) S6,688 IS Credite 16) Prepayments Child credit for 10-year old son Manhew (2,000) (5.500) Tools Window Help Vlew Go Preview File Edit Untitled (F1040 copy) (page 2 of 2)-Edited Form 1040 (2018) Wagos, salaries, tips, etc. Attach Form(s) W-2 2b Tax-exempt interest Qualified dividends. b Taxable interest 28 2a Attach Form W-2. Also attach Formisi W-2G and 1099-Rf tax wa b Ordinary dividends b Taxable amount h Taxahleamount 3b 3a 3a 4a RAs, pansions, and annuities 4b wthheid Social security benefits 5a 5a Total income. Add lines 1 through 5. Add any amount from Schedule 1, Ine 22 6 6 Adjusted gross income. If you have no adjustmants to income, enter the amount from line 6; otherwise, 7 subtract Schedule 1, line 36, from line 6 7 (Standard Deduction for Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see instructions) 8 Singia or maniad ing secarately, $12.000 Maried fling jointly or Qualitying 11 widowier $24.000 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter-0- 10 a Tax (see inst) b Add any amount from Schedule 2 and check here Fom 8814 (check if any from 2 Form 4972 1 31 11 a Child tax creditlcredit for other dependents Subtract line 12 from line 11. It zero or less, enter-0- 12 Head of 2,000 b Add any amount from Schedule 3 and check here 12 household, $18,000 If you checked 13 13 14 Other taxes Attach Schedule 4 14 any box under Standard deduction see instructions 15 Total tax. Add Ines 13 and 14 15 16 Federal income tax withheld from Forms W-2 and 1099 16 17 Refundable credits: a EIC (soo inst) b Sch. 8812 c Form 8863 Add any amount from Schedule 5 17 18 Add lines 16 and 17. These are your total payments 18 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid 19 Refund 19 20a Amount of line 19 you want refunded to you. IH Form 8888 is attached, check here Direct depost See inatructions 20a b Routing number Type Checking Savings d Account number 21 Amount of line 19 you want appliled to your 2019 estimated tax Amount you owe. Subtract line 18 from line 15 For details on how to pay, see instructions Estimated tax ponalty (see instructions 21 Amount You Owe 22 23 22 Go to www.irs.govlForm1040 for instructions and the latest infomation 23 Fom 1040 g018 Rw History Bookmarks People Window Help Homework Help Chap004 rev 1104 x ACCOUNTING ACC x Y coursehero- Yaho X aSecure https://www.coursehero.com/file/121... - CO Computation $64,000 salary +$12,000 salary + $500 Description (1) Gross income Amount 76,500 corporate bond interest 2,500 qualified moving expenses +1,500 alimony paid (1)-(2) Married filing jointly (2) For AGI deductions 4.000 (3) Adjusted gross income (4) Standard deduction 72,500 11,600 (5) Itemized deductions (6) Greater of standard 6,000 (4) > (5) deductions or itemized 11,600 deductions 3,700 x 3 (two personal exemptions and (7) Personal and 11.100 dependency exemptions dependency exemption) one (8) Total deductions from (6)+ (7) 22,700 AGI (9) Taxable income (10) Income tax liability $49,800 $6,620 (3) - (8) (49,800-17,000) x 15 % +1,700 (see tax rate schedule for married filing jointly). (11) Other taxes (12) Total tax (13) Credits (14) Prepayments Taxes payable with return $6,620 (10)+(11) Child credit for 10-year old son Matthew (1,000) (5,500) $120 (12) + (13)+ (14) eport Download TITLE You have 42 tutor ques Chap004 rev 110412 Use them to ask a study qu Predew File Idit VewCo Tools Window Help Untitled (F1040 copy) (page 2 of 2)-Fdited Page 2 Form 1040 2018 1 Wagos, salaries, ps, etc. Atach Form W-2 Tax-exempt intarest 2 b Tacable intorost 2a anu Po w2 Aso at Fomme W20ad 109-R w wh 3b 3 Qualified dividonds b Ordinary dividendse 3a b Taable amount 4a RAa, pansions, and annutios 4a 4b Taablemount Social securty benefts Total income Add Ines 1 through Add any amount trom Schedule 1, Ine 22 Adjusted gross income. If you have no adjustments to Income, enter the amount from line 6; otherwise, Sa subtract SchedJe 1, ine 36, from ine 6 drd Deduction for Singe or ma ng woaly $12000 7 Standard deduetion or temized deductions rom Schedule A Qualified business income deduction (se instructions Taxable inoome. Subtract ines 8 and 9 from line 7. zoro or less, enter -0- 10 Mamied fing petyor Qusityng 1 widowa 4.000 a Tax bee inet oheck f any trom b Add any amount trom Schedule 2 and check here a Chid x odloedt for ofher dependents Subtract ne 12 from line 11. zero or less, enter- 1Fom 4 2Fom 4372 3 11 12 ead of ho ld 2,000bAdd any amount fom Schedule 3 and check hore 13 13 $18000 13 Other taxes Atach Schedule 4 34 14 any box undie Sandard dedtion e inruons 15 Total tax Add lines 13 and 14 15 Federal inoome tax withheid from Foms W-2 and 1099 16 16 Relundate credts 17 a EC inst b Sch 612 e Fom 8863 Add any amount from Schedule 5 Add ines 16 and 17. These are your total paymentsu I ine 18 is mo than line 15, subtract ine 15 from line 18. This is the amount you overpaid 17 18 18 19 Refund 19 Amount of line 19 you want retunded to you If Form 8 is atached, check here 20a Dret depo See ruction Routing number 20 Type Oecking Sevings Account number Anount of Ine 19 you wont applied to your 2019 estimated tax 21 21 Amout You Own Amount you owe Subtract ine 18 from Iine 15 For detals on how to pey, see instructions 22 Estimated tax penaty oe inetrctions Go to www.isgoFom 1040 for inetnactions and the latest infommation 2 22 23 Fom 1040 p0s MacBook Air 44 % & 4 6 7 5 l Sprint 9:24 PM 57% Touch to return to call 52:10 Answer L LGross Inceme of Marc and Michele- Computation Salary of Marc Salary of Michelle +) Interest from Municipal Bonds +) Interest from Corporate Bonds Total Less: Interest From Municipal Bonds 64,000 12,000 350 500 76,850 350 Gross Total Income Note: Municipal bonds are the loans investors give to local governments. They are issued by cities, states and local govermments. For that reason, the interest received on these bonds is tax-free. That is why it is deducted from gross total income 2. AGI Deductions Adjusted gross income (AGI) is an ndividual's total gross income minus specifie dedactions There are 2 items which can be deducted from Gross Total Income for reaching at AGI 76,500 a) Marc's contribution to individual retirement account 2.500 b) Alimony paid to prior spouse by Mare 1,500 Total AGI Deductions 4000 3. Adjusted Gress Tetal Inceme Gross total income 76,500 Less: AGI Deductions 4,000 Total Adjusted Gross Total Income 72.500 4.Standard deduction alooned to married couple filing the return jointly: 11,400 SItemized Dedactions: Marc and Michelle paid expenditure 6,000 Greater of Standard deduction or itemized deductions: Greater of the amount in point 4 and 5 is 11,400 7 Taxable income Total adjusted gross total income Less: Personal and dependency exemptions (3650 3) Less: Greater of the standard and itemized 72,500 10,950 11,400 deduction Taxable Income 50,150 Note: Married people who file jointly can claim two personal exemptions, one for cach spouse, plus exemptions or each of their dependents sInceme tax liability Taxable Income 50,150 16,700 33,450 15% 5018 Less: Basic Exemption Limit Tax rate Tax (33450 15/100) Add: Cess Total tax laibilty . Credits Child tax credit of $ 2000 10. Prepayments: Federal income tax withheld S 5500 11. Tax refand Tax liability Less: Credits Less: Prepayments 1,670 6,688 6,688 2,000 5,500 812 Tax Refund Text Box A he Styles U ABE 31 Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account and he also paid alimony to a prior spouse in the amount of $1,500. Marc and Michellle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid S6,000 of expenditures that qualify as itemized deductions and they had a total of S5,500 in federal income taxes withheld from their paychecks during the course of the year. Points 0.6 Aount Computation Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions 0.4 0.4 0.2 0.2 0.2 0.2 (7) Taxable income (8) Income tax liability (9) Credits (10) Prepayments 0.2 0.2 0.2 0.2 Taxes (refund) with return (1 point) Complete pages 1 and 2 of Marc and Michelle's 2018 Form 1040. Make up addresses and social security numbers a. What is Marc and Michelle's gross income Done Answer 1 of 1 $76.500 See analysis below. b. What is Marc and Michelle's adjusted gross income? $72,500 See analysis below c. What is the total amount of Mare and Michelle's dodactions from AGI? $22.350. See analysis below d. What is Mare and Michelle's taxable income? $50,150 See analysis below e. What is Marc and Michelle's taxes payable or refund due for the year (use the tax. rate schedules)? $812 saves refundable. See analysis below Description ) Realized income from all sowces Computation Amount $76,850 4,000 salary+ 12,000 salary+ 350 unicipal bond interest+500 corporate ond interest 2) Exclwded or deferred Nontarable municipal bond interest 350 income I)-(2) 3) Gross income 76,500 4) For AGI deductions 4000 2.500 qualified moving expenses+ 1,300 alimony paid 3)-(4) Married Aling jointly 3) Adjusted gross income 6) Standard dewction 72.500 11400 7) Ihemised dedwerions 8) Greater of standard deductions or iemiced deductions 19) ersonal a dependency exenptions 10) Total deductioes from 6,000 6)>(7) 11,400 3,650x 3 (no personal exemptions and one dependency exemption) 8)+9) 0.950 (22.350 ) Taxable income 5)+(108 $50,150 12) Income tax ablity $6,688 50,150 16700) x 15 % + 1670 (see tax ute schedule for married filing jointlyy Amount rounded to whole dollar 13) Other taxes 14) Total tax V12)+(13) S6,688 IS Credite 16) Prepayments Child credit for 10-year old son Manhew (2,000) (5.500) Tools Window Help Vlew Go Preview File Edit Untitled (F1040 copy) (page 2 of 2)-Edited Form 1040 (2018) Wagos, salaries, tips, etc. Attach Form(s) W-2 2b Tax-exempt interest Qualified dividends. b Taxable interest 28 2a Attach Form W-2. Also attach Formisi W-2G and 1099-Rf tax wa b Ordinary dividends b Taxable amount h Taxahleamount 3b 3a 3a 4a RAs, pansions, and annuities 4b wthheid Social security benefits 5a 5a Total income. Add lines 1 through 5. Add any amount from Schedule 1, Ine 22 6 6 Adjusted gross income. If you have no adjustmants to income, enter the amount from line 6; otherwise, 7 subtract Schedule 1, line 36, from line 6 7 (Standard Deduction for Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see instructions) 8 Singia or maniad ing secarately, $12.000 Maried fling jointly or Qualitying 11 widowier $24.000 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter-0- 10 a Tax (see inst) b Add any amount from Schedule 2 and check here Fom 8814 (check if any from 2 Form 4972 1 31 11 a Child tax creditlcredit for other dependents Subtract line 12 from line 11. It zero or less, enter-0- 12 Head of 2,000 b Add any amount from Schedule 3 and check here 12 household, $18,000 If you checked 13 13 14 Other taxes Attach Schedule 4 14 any box under Standard deduction see instructions 15 Total tax. Add Ines 13 and 14 15 16 Federal income tax withheld from Forms W-2 and 1099 16 17 Refundable credits: a EIC (soo inst) b Sch. 8812 c Form 8863 Add any amount from Schedule 5 17 18 Add lines 16 and 17. These are your total payments 18 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid 19 Refund 19 20a Amount of line 19 you want refunded to you. IH Form 8888 is attached, check here Direct depost See inatructions 20a b Routing number Type Checking Savings d Account number 21 Amount of line 19 you want appliled to your 2019 estimated tax Amount you owe. Subtract line 18 from line 15 For details on how to pay, see instructions Estimated tax ponalty (see instructions 21 Amount You Owe 22 23 22 Go to www.irs.govlForm1040 for instructions and the latest infomation 23 Fom 1040 g018 Rw History Bookmarks People Window Help Homework Help Chap004 rev 1104 x ACCOUNTING ACC x Y coursehero- Yaho X aSecure https://www.coursehero.com/file/121... - CO Computation $64,000 salary +$12,000 salary + $500 Description (1) Gross income Amount 76,500 corporate bond interest 2,500 qualified moving expenses +1,500 alimony paid (1)-(2) Married filing jointly (2) For AGI deductions 4.000 (3) Adjusted gross income (4) Standard deduction 72,500 11,600 (5) Itemized deductions (6) Greater of standard 6,000 (4) > (5) deductions or itemized 11,600 deductions 3,700 x 3 (two personal exemptions and (7) Personal and 11.100 dependency exemptions dependency exemption) one (8) Total deductions from (6)+ (7) 22,700 AGI (9) Taxable income (10) Income tax liability $49,800 $6,620 (3) - (8) (49,800-17,000) x 15 % +1,700 (see tax rate schedule for married filing jointly). (11) Other taxes (12) Total tax (13) Credits (14) Prepayments Taxes payable with return $6,620 (10)+(11) Child credit for 10-year old son Matthew (1,000) (5,500) $120 (12) + (13)+ (14) eport Download TITLE You have 42 tutor ques Chap004 rev 110412 Use them to ask a study qu
