Question
ose and Maria Suarez are married and live at 9876 Main Street, Denver, CO 80205. Joses SSN is 412-34-5670 and Marias SSN is 412-34-5671. For
ose and Maria Suarez are married and live at 9876 Main Street, Denver, CO 80205. Joses SSN is 412-34-5670 and Marias SSN is 412-34-5671.
For the first five months of the year, Jose was employed by Mountain Mortgage Company. The Form W-2 from Mountain Mortgage contained information in the following boxes:
| Wages (box 1) = | $ 35,028.52 |
|---|---|
| Federal W/H (box 2) = | $ 3,746.89 |
| Social security wages (box 3) = | $ 35,028.52 |
| Social security W/H (box 4) = | $ 2,171.77 |
| Medicare wages (box 5) = | $ 35,028.52 |
| Medicare W/H (box 6) = | $ 507.91 |
Jose was laid off from his job at Mountain Mortgage and was unemployed for three months. He received $1,000 of unemployment insurance payments. The Form 1099-G Jose received from the state of Colorado contained $1,000 of unemployment compensation in box 1 and $100 of federal income tax withholding in box 4.
During the last four months of the year, Jose was employed by First Mountain Bank in Denver. The Form W-2 Jose received from the bank contained information in the following boxes:
| Wages (box 1) = | $ 19,244.72 |
|---|---|
| Federal W/H (box 2) = | $ 1,767.89 |
| Social security wages (box 3) = | $ 19,244.72 |
| Social security W/H (box 4) = | $ 1,193.17 |
| Medicare wages (box 5) = | $ 19,244.72 |
| Medicare W/H (box 6) = | $ 279.05 |
Maria was employed the entire year by Blue Sky Properties in Denver. The Form W-2 Maria received from Blue Sky contained information in the following boxes:
| Wages (box 1) = | $ 60,433.62 |
|---|---|
| Federal W/H (box 2) = | $ 5,922.80 |
| Social security wages (box 3) = | $ 60,433.62 |
| Social security W/H (box 4) = | $ 3,746.88 |
| Medicare wages (box 5) = | $ 60,433.62 |
| Medicare W/H (box 6) = | $ 876.29 |
The Suarezes also received two Forms 1099-INT showing interest they received on two savings accounts. One Form 1099-INT, from the First National Bank of Northeastern Denver, showed interest income of $59.36 in box 1. The other Form 1099-INT, from Second National Bank of Northwestern Denver, showed interest income of $82.45 in box 1.
Jose and Maria had qualifying health care coverage at all times during the tax year.
Required:
Prepare a Form 1040 for Mr. and Mrs. Suarez. Use the appropriate Tax Tables for 2022
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IT Auditing And Application Controls For Small And Mid Sized Enterprises Revenue Expenditure Inventory Payroll And More
Authors: Jason Wood, William Brown, Harry Howe
1st Edition
1118072618, 9781118072615
