Question
Following is a list of information for Robert and Amy Pax for the tax year 2021. Robert and Amy are married and have three children,
Following is a list of information for Robert and Amy Pax for the tax year 2021. Robert and Amy are married and have three children, Alice, Bryson, and Carl. They live atnc 500 Main Street, Phoenix, AZ 85021.
Robert is a counselor working for a company called Healthy U. Amy works part-time as a pharmacy tech at Walgreens.
Here are their social security numbers and birthdates:
Name | Social Security Number | Birthdate |
---|---|---|
Robert | 123-56-3214 | 1/15/1988 |
Amy | 564-52-6363 | 2/23/1990 |
Alice | 558-99-3336 | 5/5/2013 |
Bryson | 120-33-4566 | 6/23/2015 |
Carl | 880-11-2323 | 8/9/2017 |
Forms:
Tax Year: 2021
Form w-2
Employer FEIN/SSN: 77-328560
State WH ID Number: 77328560
Employee Name Amy Pax
Employer Name: Walgreens
Employer Street Address: 200 N. Central
City: Phoenix State: AZ
Zip Code: 85015
W-2 Box Total
(1) Wages, Tips, Other - $37,449.00
(2) Fed. Income Tax Withheld - $3,950.00
(3) Social Security Wages - $38,000.00
(4) Social Security Tax Withheld - $2,356.00
(5) Medicare Wages and Tips - $38,000.00
(6) Medicare Tax Withheld - $551.00
(12D) 401K - $1,500.00
(16) State Wages, Tips, etc. - $38,000.00
(17) State Income Tax - $1,088.00
Tax Year: 2021
Form W-2
Employer FEIN/SSN: 86-025431
State WH ID Number: 86-025431
Employee Name Robert Pax
Employee Social: 123-56-3214
Employer Name: Health U
Employer Street Address: 500 Down Street
City: Phoenix State: AZ
Zip Code: 85021
W-2 Box Total
(1) Wages, Tips, Other - $55,000.00
(2) Fed. Income Tax Withheld - $2,300.00
(3) Social Security Wages - $55,000.00
(4) Social Security Tax Withheld - $3,410.00
(5) Medicare Wages and Tips - $55,000.00
(6) Medicare Tax Withheld - $797.50
(16) State Wages, Tips, etc. - $55,000.00
(17) State Income Tax - $900.00
Form 1098
Lender's TIN: 67-123456
Borrower's TIN: 123-56-3214
Lender's address: PO Box 8068
Virginia Beach, VA 23450
Box 1: 8,500
Box 5: 2,200
Key data to enter for the return:
Eyeglasses and Doctor visit for Alice $200
Orthodontic work for Bryson to correct a congenital defect $6,000
State income taxes paid with last year’s tax return $100
Property taxes on home $2,600
Property taxes on automobile $650
Interest on credit cards $300
Cash contribution to church $1,500
In addition to the above, on September 17, Robert 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 $1,000. Robert and Amy had purchased the stock on November 7, 2004 for $300.
Compute Robert and Amy’s income tax liability for 2021 using Form 1040, Schedules A and B, and Form 8283, if necessary.
Step by Step Solution
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Solution To compute Robert and Amys income tax liability for 2021 we will need to use Form 1040 Sche...Get Instant Access to Expert-Tailored Solutions
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