Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Group 4: Comprehensive Problems 1. David and Darlene Jasper have one child, Sam, who is 6 years old (birthdate July 1, 2014). The Jaspers reside

image text in transcribedimage text in transcribed

Group 4: Comprehensive Problems 1. David and Darlene Jasper have one child, Sam, who is 6 years old (birthdate July 1, 2014). The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David's Social Security number is 577-11-3311. Darlene's is 477-98-4731, and Sam's is 589-22-1142. David's birthdate is May 29, 1987 and Darlene's birthday is January 31, 1989. David and Darlene's earnings and withholdings for 2020 are: David Earnings from Apple Company (office manager) $26.750 Federal income tax withheld 800 State income tax withheld 1,050 Darlene Earnings from Rose Company (perfume tester) $26,200 Federal income tax withheld 1,050 Slate income tax withheld 1,000 Their other income includes interest from Pine Tree Savings and Loan of $950. Other information and expenditures for 2020 are as follows Interest: On home acquisition mortgage $11.300 Credit card 925 Taxes: Property taxes on personal residence 1,300 State income taxes paid in 2020 (for 2019) 300 Contribution (with written acknowledgement) to church 1,045 Medical insurance 675 Medical and dental expenses 6.175 Income tax return preparation fee paid in 2020 200 Actual general state sales tax for 2020 1,016 Payment of union dues 225 Contribution to David's IRA (no retirement plan at his work) 500 The Jaspers received a $2.900 EIP in 2020 David and Darlene received the following letter from Sam's daycare provider. KIDDIECARE INC. 10250 Santa Monica Blvd Los Angeles, CA 90067 EIN: 13-3345678 January 14, 2021 Dear David and Darlene, Thank you for your patronage of our day care center with your child, Sam Jasper, in 2020. This statement serves as a record of the cost of daycare services we provided during calendar year 2020: Child Sam Jasper Amount $3.680.00 Dates of Service 1/1/2020 - 08/25/2020 Sincerely, /s/Marcia Clarke Marcia Clarke Director, KiddieCare Inc. Required: Complete the Jaspers' federal tax return for 2020. Use Form 1040. Schedule 1, Schedule 3, Schedule A, Form 2441, and Form 8880, as needed. Make realistic assumptions about any missing data

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

15th edition

978-0133428704

Students also viewed these Accounting questions