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6,700 700 350 525 495 The Federal Income Tax information for your 2019 tax return is as follows: You have a spouse and 2 children age 10 and 16; they are Lu and Hank You are 66 years old, your spouse is 60 years old Your spouse has a small business as an author Your spouse has earned income of $6,700 from a their business Spouse paid self-employment taxes of $944 & has a Federal tax adjustment of $42. Your spouse paid Federal Income taxes of $700 Your spouse paid State Income taxes of $350 The following information applies to your MFJ Return BP Oil (qualified dividend) RJ Reynolds Tobacco (qualified dividend) Interest earned from Fidelity Investments Interest earned on City of New York Bonds Interest earned on First Citizens savings account You inherited a $12,000 City of Philadelphia bond, no interest has been paid out Salary from your W-2 Federal Income Tax withheld for 2019 on your W-2 State Income Tax withheld for 2019 on your W-2 Cash award from Chamber of Commerce (You kept the award) You have gambling income of Your spouse has business expenses of Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss carryforward from 2018 to 2019 Short-term capital gain/ (loss) Medical and Dental Expenses Prescription drugs Rental fee for crutches Hospital Emergency Room fee Medical Insurance premiums Cold pills, aspirin, other over-the-counter medicine State and Local Real Estate taxes on your residence Home mortgage interest expense for 2019 Charitable contributions - Cash Charitable contributions - Clothes (Original cost $4390; FMV $750) You have gambling losses of: 500 400 375 12,000 165,000 16,000 6,720 1,400 3,600 L L 3.000 1,500 -2,000 5,000 -3,000 -2,250 7,500 2,750 700 3,600 4,800 200 2,890 6,700 3,525 1,000 Answers Answer questions 1-28 listed below. Use tab 2 to show all calculations for answers and Federal Income Tax calculation (1) What is the Broad-Economic (ALL) Income dollar amount? |(2) What is the dollar amount that is excluded from Broad Income? (3) What is the dollar amount of gross income? 1040 L 7b (4) What is the total dollar $$ amount of the Short-Term Capital Gain/(Loss)? (5) What is the total dollar $S amount of the Long-Term Capital Gain/(Loss)? 6) What is the total dollar $S amount of the Net Capital Gain or (Loss) for 20197 (7) Do you have a capital loss carryforward to 2020? (Yes or No) (8) What is the dollar $S amount of the Capital (Loss) carry forward to 2020 (9) Where do you add or deduct your Capital Gain or (Loss)? (for agi] [from agi) (10) Where do you add or deduct your business income or (loss)?[for agil (from agi] (11) What is your total $$ amount of your AGI Line-8b? (12) What is the total $$ amount of the Standard Deduction for 2019? (13) What is the total $S amount of Medical Expenses for Sch A Line-1? (14) What is the total $$ amount of State & local Real Estate Taxes for Sch A Line-5b (15) What is the total $$ amount of Home Mortg. Interest Expense for Sch A line 8a |(16) What is the total $$ amount of your charitable contributions for Sch A line-11? |(17) What is the total $$ amount of personal deductible expenses Sch A line - 17? (18) Will you deduct Itemized Expenses or use the Standard Deduction? [ItemStD (19) What is your total taxable income in dollars? (20) What is the name of the tax credit you will apply to your 2019 taxes (21) What is the total $$ amount of Federal Income Taxes withheld? (22) What is the total $$ amount of state income taxes paid in 2019 (23) What is the total $S amount of your Federal income tax liability in 2019 (24) What is the total $$ amount of taxes owed or to be (refunded) (25) What is your Marginal Tax Rate % for Ordinary Income? (26) What rate is used to calculate tax rate % on Qualified Divid. & Ordinary Cap. Gains' (27) What is the Average Tax Rate % (remember to show calculations) (28) What is the Effective Tax Rate % (remember to show calculations) 6,700 700 350 525 495 The Federal Income Tax information for your 2019 tax return is as follows: You have a spouse and 2 children age 10 and 16; they are Lu and Hank You are 66 years old, your spouse is 60 years old Your spouse has a small business as an author Your spouse has earned income of $6,700 from a their business Spouse paid self-employment taxes of $944 & has a Federal tax adjustment of $42. Your spouse paid Federal Income taxes of $700 Your spouse paid State Income taxes of $350 The following information applies to your MFJ Return BP Oil (qualified dividend) RJ Reynolds Tobacco (qualified dividend) Interest earned from Fidelity Investments Interest earned on City of New York Bonds Interest earned on First Citizens savings account You inherited a $12,000 City of Philadelphia bond, no interest has been paid out Salary from your W-2 Federal Income Tax withheld for 2019 on your W-2 State Income Tax withheld for 2019 on your W-2 Cash award from Chamber of Commerce (You kept the award) You have gambling income of Your spouse has business expenses of Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss carryforward from 2018 to 2019 Short-term capital gain/ (loss) Medical and Dental Expenses Prescription drugs Rental fee for crutches Hospital Emergency Room fee Medical Insurance premiums Cold pills, aspirin, other over-the-counter medicine State and Local Real Estate taxes on your residence Home mortgage interest expense for 2019 Charitable contributions - Cash Charitable contributions - Clothes (Original cost $4390; FMV $750) You have gambling losses of: 500 400 375 12,000 165,000 16,000 6,720 1,400 3,600 L L 3.000 1,500 -2,000 5,000 -3,000 -2,250 7,500 2,750 700 3,600 4,800 200 2,890 6,700 3,525 1,000 Answers Answer questions 1-28 listed below. Use tab 2 to show all calculations for answers and Federal Income Tax calculation (1) What is the Broad-Economic (ALL) Income dollar amount? |(2) What is the dollar amount that is excluded from Broad Income? (3) What is the dollar amount of gross income? 1040 L 7b (4) What is the total dollar $$ amount of the Short-Term Capital Gain/(Loss)? (5) What is the total dollar $S amount of the Long-Term Capital Gain/(Loss)? 6) What is the total dollar $S amount of the Net Capital Gain or (Loss) for 20197 (7) Do you have a capital loss carryforward to 2020? (Yes or No) (8) What is the dollar $S amount of the Capital (Loss) carry forward to 2020 (9) Where do you add or deduct your Capital Gain or (Loss)? (for agi] [from agi) (10) Where do you add or deduct your business income or (loss)?[for agil (from agi] (11) What is your total $$ amount of your AGI Line-8b? (12) What is the total $$ amount of the Standard Deduction for 2019? (13) What is the total $S amount of Medical Expenses for Sch A Line-1? (14) What is the total $$ amount of State & local Real Estate Taxes for Sch A Line-5b (15) What is the total $$ amount of Home Mortg. Interest Expense for Sch A line 8a |(16) What is the total $$ amount of your charitable contributions for Sch A line-11? |(17) What is the total $$ amount of personal deductible expenses Sch A line - 17? (18) Will you deduct Itemized Expenses or use the Standard Deduction? [ItemStD (19) What is your total taxable income in dollars? (20) What is the name of the tax credit you will apply to your 2019 taxes (21) What is the total $$ amount of Federal Income Taxes withheld? (22) What is the total $$ amount of state income taxes paid in 2019 (23) What is the total $S amount of your Federal income tax liability in 2019 (24) What is the total $$ amount of taxes owed or to be (refunded) (25) What is your Marginal Tax Rate % for Ordinary Income? (26) What rate is used to calculate tax rate % on Qualified Divid. & Ordinary Cap. Gains' (27) What is the Average Tax Rate % (remember to show calculations) (28) What is the Effective Tax Rate % (remember to show calculations)
