Question
Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children,
Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones Social Security numbers and ages are as follows:
Name | S.S. No. | Age |
Peter | 111-11-1111 | 32 |
Amy | 222-22-2222 | 28 |
Aubrynne | 333-33-3333 | 5 |
Bryson | 444-44-4444 | 3 |
Caden | 555-55-5555 | 1 |
Receipts | |
Peters salary | $70,000 |
Amys salary | 32,000 |
Interest income on municipal bonds | 2,400 |
Interest income on certificate of deposit (Universal Savings) | 3,100 |
Dividends on GM stock | 1,600 |
Disbursements | |
Eyeglasses and exam for Aubrynne | $ 600 |
Orthodontic work for Bryson to correct a congenital defect | 2,500 |
Medical insurance premiums, after-tax basis | 1,800 |
Withholding for state income taxes | 7,200 |
Withholding for federal income taxes | 16,000 |
tate income taxes paid with last years tax return (paid when the return was filed in the current year)
500
Property taxes on home
1,100
Property taxes on automobile
300
Interest on home
9,700
Interest on credit cards
200
Cash contribution to church
3,900
In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2003 for $300.
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