Personal Taxes Practice

1. Personal

a. Your name is Courtney Sean Chandler SSN 789-54-6231

b. Your spouses name is Robin Blake Chandler SSN 456-12-1234

c. You have 2 children: Bailey (777-12-8989) born 5/5/2013; Drew (963-12-4321) born 10/10/2015

2. Courtney

a. Income - $60,000

b. Federal withholding $7,820

c. State withholding $2,400 d. 401-K contribution $5,000

3. Robin a. Income - $54,000

b. Federal withholding $7,500

c. State withholding $2,200

d. 401-K contribution $3,000

4. Property taxes $1,700

5. Charitable Gifts

a. Clothing to Goodwill Industries $145

b. St. Jude Childrens Hospital $600

c. GS Alumni Assoc. $200

6. 2021State tax refunded in 2022 was $680

7. On January 1, 2015, you and Robin purchased a condominium in Hilton Head for $98,000. You financed $78,400 at 5.125% for 15 years. You rent the condo year-round for $1,000 per month. The HOA monthly fee is $300. Hazard insurance is included in the HOA fee. In 2022, maintenance expenses were $378. Property taxes for 2022 were $1,585. You estimate the land value associated with your condo is $10,000.

COMPLETE ALL NECESSARY TAX FORMS