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Kelly and Chanelle Chambers, ages 4 7 and 4 5 , are married and live at 5 8 4 Thoreau Drive, Boston, MA 5 9
Kelly and Chanelle Chambers, ages and are married and live at Thoreau Drive, Boston, MA Kellys Social Security number is and Chanelles is The Chambers have two children: Emma, age and Chet, age Their Social Security numbers are and respectively. Emma is a single college student and earned $ during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet has a physical handicap and lives at home. He attends a local university and earned $ working for a marketing firm. In sum, Kelly and Chanelle provide more than of both Emmas and Chets total support for the year.
Kelly is a commercial pilot for a small airline. His salary is $ from which $ of federal income tax and $ of state income tax were withheld. Kelly also pays premiums for health, disability, and life insurance. $ of the premium was for health insurance, $ for disability, and $ for life insurance.
Chanelle owns Alliance Networks, a proprietorship that does network consulting. During the year, Chanelles gross revenues were $ She incurred the following expenses in her business:
Liability insurance $
Software rental $
Journals and magazines $
Training seminars $
Supplies $
Donations to a political campaign fund $
Kelly enjoys playing guitar and plays in a band. Kelly's band has developed a local following. This year, his gross revenues were $ for playing shows and $ on CD sales. He incurred the following expenses:
Studio rent expense $
Sound system repairs $
CD production $
New guitar and amplifier $
Kellys father passed away during the year. Kelly and Chanelle received $ from the life insurance policy. Neither Kelly nor Chanelle paid any of the premiums. Chanelle purchased shares of Thurston Co stock on May for $ Thurston Co was declared bankrupt during the current year. Chets physician recommended that he see a physical therapist to help with his disability. Kelly paid the therapist $ during the year because his insurance would not cover the bills.
Kelly and Chanelle went to Las Vegas and won $ at the blackjack table. The next night, they lost $
Kelly and Chanelle gave $ to their church and, during the year, they had the following other income and expenses:
Real estate taxes $
Property taxes on car determined by value $
Home Mortgage interest $
Credit card finance charges $
Tax return preparation fees $ is allocable to chanelles business
Sales tax on purchases during the year $
Interest from a savings account $
Interest from city of boston bonds $
Dividend from m stock $
Can you please check my work and confirm tax creditsincome and anything else im missing? Please let me know what to put in the boxes. Please help with a Thank Thank you
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