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Jim Smith, age 22, has the W2 listed at the bottom of this file. He lives in Florida. He is single and has no dependents.
Jim Smith, age 22, has the W2 listed at the bottom of this file. He lives in Florida. He is single and has no dependents. If no information is provided for an item needed on the return, assume that it is zero, e.g., no contribution to an IRA because not listed below. Line numbers are for the 2021 IRS 1040 form posted on Carmen. Fill in the table below, as if it is April 2022 and he is filing his 2021 federal income tax return now (25pts). A. Line 10. Adjustments to gross income (list) = B. Line 11, Adjusted gross income = C. Line 12a: Standard deduction or itemized deductions = Line 126: Charitable deduction (if you take the standard deduction) = Line 12c: Add lines 12a and 12b = D. Line 15: Taxable Income = E. Federal income tax bracket (%) = F. Line 16: Federal income tax for 2021 before credits = G. Line 25a: Amount withheld shown on W2 form = Will there be a refund or a balance due? H. How much? I. In which 1040 Line will that amount be entered? W2 form for Jim Box 1 wages = $80,000. Box 2 federal income tax withheld = $10,000 Selected expenses in 2021 Rent Out-of-pocket medical expenses not covered by employer medical insurance Contributions to charity Amount $ 9,178 $ 580 |$1,000
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