Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

How to Calculate Gustavos 2 0 2 3 taxes; based on the W - 2 information provided, Gustavo Garcia ( unmarried ) should use the

How to Calculate Gustavos 2023 taxes; based on the W-2 information provided, Gustavo Garcia (unmarried) should use the following what tax forms:
Wages, tips, other compensation is $80232, social security wages is $80232, Medicare wages and tips is $80232, federal income tax withheld is $5005, social security tax withheld is $4974, Medicare tax withheld is $1163, state wages tips, etc. is $80232, state income tax is $0,
Gustavo received $886 municipal bond interest income from City of Laredo Bonds, $2,565 in interest income from Western States Bank and $193 in interest from Heritage Bank. He also received a $5,280 dividend from Tumble Corp. and a $2,232 dividend from Howling Inc. $4,000 of these dividends were Qualified Dividends.
Gustavo sold some of his stock portfolio to make other investments. He sold 700 shares of Purple Sage stock for $67 a share on May 16,2023. He purchased the stock on June 24,2001, for $48 a share. There was a commission charge of $104 on the sale of these shares. He also sold 2,280 shares of Zane Inc stock for $14 a share on May 20,2023. He purchased the stock for $58 a share on December 2,2009. Both of these sales were not reported to him on a 1099-B.
The following is a record of the medical expenses that Gustavo paid during the year. The amounts reported are amounts he paid in excess of any insurance reimbursements.
Health Insurance premiums $4,267,
Prescription medications 2,817,
Over-the-counter medications 1,201,
Doctor and dentists visits 2,248,
Eyeglasses 720,
During the year, Gustavo paid $6,980 of mortgage interest to Bisbee Mortgage.
Additionally, he paid $8,288 in real estate property taxes on his home, $3,133 real estate property taxes on a cabin he owns in Hillsboro, NM, and $1,100 on real estate property taxes on land in Culberson County, TX.
Gustavo paid $2,172 in Texas sales tax this year. He has kept all his receipts.
Gustavo had a casualty loss from his home from broken pipes during a freeze of $5,670.
Gustavo likes to bet on basketball pools at his work. He lost this year and had gambling losses for the year of $2,080
Gustavo contributed cash of $3,428 to the Community Church during the year.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

Accounting Theory Conceptual Issues In A Political And Economic Environment

Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki

7th Edition

1412953456, 978-1412953450

More Books

Students explore these related Accounting questions