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I need to find the taxable income and help using the 1041 form [The following informution spplies to the questions dispiayed beiow.] Shauna Coleman is
I need to find the taxable income and help using the 1041 form
[The following informution spplies to the questions dispiayed beiow.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design |SC). Shauna wanted to determine her toxable income for this year (2022). She correctly calculated her AG. However, she wasn't sure how to compute the rest of her taxable income. Sne provided the foliowing information with hopes that you could use it to determine her taxoble income. a. Shauna poid \$4,680 for med cal expenses for care from a broken ankle in Octobec Also, Shat 7a's boyfiend, lake, drove Snauma (in her car) a total of 115 miles to the doctor's office so she could recewe care for her broken ankle. b. Shouna poid a total of $3,400 in heath insurance premlums during the year (not through an exchangel SO did not reimburse any of this expense. Besides the health insurance premiums and the medcal expenses for her broken ankle, Shouna had Laslk cye surgery last year and paid \$3,000 for the surgery (she recehed no insurance reimbursement). She a bo incurred $450 of other med cal expenses for the year. c. SO withheld $1,800 of state income tax, $7,495 of Social Security tax, and $14,500 of federal income tax from Shauna's paychecks throughout the year. d. In 2022, Snauna was due a refund of $250 for overpaying her 2021 state taxes. On her 2021 state tax return that she fied in April 2022, she applied the owerpayment toward her 2022 state tax lability. She estimated that her state tax lability for 2022 will be $2,300. e. Shauna paid $3,200 of property taxes on her personal residence. She a'so pald $500 to the deweloper of her subdivision because he had to replace the sidewakin certain areas of the subd visian. f. Shouna paid a $200 property tax based on the state's estimate of the wolue of her car. 9. Shauna has a home mortgage loan in the a mount of $220.000 that she secured when she purchased her home. The home is worth about $400,000. S7auna paid interest of $12,300 on the loan this yeat h. Shouna made several charitable contrbutions throughout the year. S7e contributed stock in 2Yx Corporation to the Aed Cross. On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis in the shares was \$400. Shauna originaly bought the ZYX Corporation stock in 2009 . Shauna also contributed $300 cash to State University and relgious art facts she has held for several years to her chureh. The art focts were walued at $500 and S7auma's basis in the items was $300. Shauns had every reason to believe the chureh wou'd keep them on display indefinitely. Shauna also drove 200 miles doing churchirelated errands for her minister. Finaly Shauna contributed $1,200 of serviees to her chureh last year. L. Shauna paid $250 in investment advisory fees and another $50 to have her tax return prepared , that is, she paid $150 in 2022 to hawe her 2021 tax return prepared? 1. Shauna is involved in horse racing as a hobby. During the year, she won $2,500 in prize maney and incurred $10,000 in expenses. She has never had a profitabie year with her horse-racing activities, 50 she ackenowiedges that this is a noaby for federal income tax purposes. k. Shauna sustained $2,000 in gambing losses over the year (mostly horse-racing bets) and hod only $200 in winnings. 1.1. Assume Snauna's AGl is \$107,000. Determine Snauna's taxabie income. fote: Round your intermedlate calculations to the nearest whole dollar amount. Social tecetty number: Shaura Cowmanc theth-tth Fare 1040 tar angle wite to deptimetica. Berite towa Pase 2 . Zal +SLA A Feriet towa Sctedelt an. [The following informution spplies to the questions dispiayed beiow.] Shauna Coleman is single. She is employed as an architectural designer for Streamline Design |SC). Shauna wanted to determine her toxable income for this year (2022). She correctly calculated her AG. However, she wasn't sure how to compute the rest of her taxable income. Sne provided the foliowing information with hopes that you could use it to determine her taxoble income. a. Shauna poid \$4,680 for med cal expenses for care from a broken ankle in Octobec Also, Shat 7a's boyfiend, lake, drove Snauma (in her car) a total of 115 miles to the doctor's office so she could recewe care for her broken ankle. b. Shouna poid a total of $3,400 in heath insurance premlums during the year (not through an exchangel SO did not reimburse any of this expense. Besides the health insurance premiums and the medcal expenses for her broken ankle, Shouna had Laslk cye surgery last year and paid \$3,000 for the surgery (she recehed no insurance reimbursement). She a bo incurred $450 of other med cal expenses for the year. c. SO withheld $1,800 of state income tax, $7,495 of Social Security tax, and $14,500 of federal income tax from Shauna's paychecks throughout the year. d. In 2022, Snauna was due a refund of $250 for overpaying her 2021 state taxes. On her 2021 state tax return that she fied in April 2022, she applied the owerpayment toward her 2022 state tax lability. She estimated that her state tax lability for 2022 will be $2,300. e. Shauna paid $3,200 of property taxes on her personal residence. She a'so pald $500 to the deweloper of her subdivision because he had to replace the sidewakin certain areas of the subd visian. f. Shouna paid a $200 property tax based on the state's estimate of the wolue of her car. 9. Shauna has a home mortgage loan in the a mount of $220.000 that she secured when she purchased her home. The home is worth about $400,000. S7auna paid interest of $12,300 on the loan this yeat h. Shouna made several charitable contrbutions throughout the year. S7e contributed stock in 2Yx Corporation to the Aed Cross. On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis in the shares was \$400. Shauna originaly bought the ZYX Corporation stock in 2009 . Shauna also contributed $300 cash to State University and relgious art facts she has held for several years to her chureh. The art focts were walued at $500 and S7auma's basis in the items was $300. Shauns had every reason to believe the chureh wou'd keep them on display indefinitely. Shauna also drove 200 miles doing churchirelated errands for her minister. Finaly Shauna contributed $1,200 of serviees to her chureh last year. L. Shauna paid $250 in investment advisory fees and another $50 to have her tax return prepared , that is, she paid $150 in 2022 to hawe her 2021 tax return prepared? 1. Shauna is involved in horse racing as a hobby. During the year, she won $2,500 in prize maney and incurred $10,000 in expenses. She has never had a profitabie year with her horse-racing activities, 50 she ackenowiedges that this is a noaby for federal income tax purposes. k. Shauna sustained $2,000 in gambing losses over the year (mostly horse-racing bets) and hod only $200 in winnings. 1.1. Assume Snauna's AGl is \$107,000. Determine Snauna's taxabie income. fote: Round your intermedlate calculations to the nearest whole dollar amount. Social tecetty number: Shaura Cowmanc theth-tth Fare 1040 tar angle wite to deptimetica. Berite towa Pase 2 . Zal +SLA A Feriet towa Sctedelt anStep by Step Solution
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