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Please answer the following: Use the following information to complete Johnelle and Latoya Henry's 2018 federal tax return. Les Social Security Weyes Line 4 Social
Please answer the following:
Use the following information to complete Johnelle and Latoya Henry's 2018 federal tax return.
Les Social Security Weyes Line 4 Social Security tax withheld 5,270 Line 5 Medicare wages and tips 85,000 Line 6 Medicare tax withheld 1,233 Line 17 State income tax 4,200 4. Johnelle and Latoya incurred the following medical expenses for the year: Transportation to Chicago for Johnelle's cancer 2,000 miles treatment Unreimbursed hospital charges for Johnelle $6,500 Unreimbursed prescription drug charges for Johnelle and Latoya 1,750 Unreimbursed physician charges for Johnelle and Latoya 2,200 Unreimbursed prescription glasses for Latoya 150 Laser hair treatment for Latoya (so that she will no longer 2,000 need to shave her legs) 5. Johnelle and Latoya paid $12,000 of interest payments on their primary residence (acquisition debt of $225,000). They also paid $1,750 of interest expense on Latoya's car loan and $500 of interest on their Visa card. 6. Johnelle and Latoya paid $4,000 of real estate taxes on their home and $1,000 of real estate tax on a vacant lot they purchased with the hope of building their dreana home in the future. They also paid $3,000 in sales tax on Latoya's car and other purchases and $1,000 of ad valorema tax on their cars. 7. Johnelle and Latoya made the following contributions this year: American Red Cross $ 200 United Way 150 a St. Joseph's Catholic Church 8,000 Food for the family of Hamah Barbara (a neighbor 225 who suffered a tragic car accident this past year) Stock transfer to the University of South Carolina 750 (originally purchased for $1,000 in 2005) 8. Johnelle won $5,000 in the state Lottery. He has been playing the lottery for years [$10 in lottery tickets every week ($520 in total) that tre saves to keep track of the numbers he plays). 9. Johnelle and Latoya have qualifying insurance for purposes of the Affordable Care Act (ACA). TAX RETURN PROBLEM 2 Requid: Use the following information to complete Johnelle and Latoya Henry's 2018 fed- eral income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Johnelle Henry is employed as a human resources manager for Toys Unlimited, Inc., and Latoya is a financial planner for her mother's company, Longarm Investments, Inc., a full service wealth--lanning firm. They provide the collowing information: They both want to contribute to the presidential election campaign. They live at 9876 Old Waverly, Charleston, South Carolina 29401. Johnelle's birthday is 7/17/1965 and his Social Security number is 555 12.6789 Latoya's birthday is 9/11/1967 and her Social Security number is 987-5-321. Johnelle and Latoya do not have any foreign bank accounts or trusts. 2. Johnelle received a Form W from Toys Unlimited, Inc. that contained the follow ing information: Line 1 Wages, tips, other compensation $45,000 Line 2 Federal income tax withheld 7.500 Line 3 Social Security wages 45,000 Line 4 Social Security tax withheld 2,790 . Line 5 Medicare wages and tips 45,000 . Line 6 Medicare tax withheld 653 Line 17 State income tax 2,200 3. Latoya received a Foru W ?from Longtern Investments, Inc., that contained the following information: Line 1 Wages, tips, other compensation $85,000 . Line 2 Federal income tax withheld 12,500 Line 3 Social Security wages 85,000 Line 4 Social Security tax withheld 5,270 Line 5 Medicare wages and tips 85,000 . Line 6 Medicare tax withheld 1,233 Line 17 State income tax 4,200 4. Johnelle and Latoya incurred the following medical expenses for the year: . Transportation to Chicago for Jolmelle's cancer 2,000 miles treatment Unreimbursed hospital charges for Johnelle $6,500 Unreimbursed prescription drug charges for Johnelle and Latoya 1,750 Unreimbursed nhysician charges for Inhnelle and Tatoua Les Social Security Weyes Line 4 Social Security tax withheld 5,270 Line 5 Medicare wages and tips 85,000 Line 6 Medicare tax withheld 1,233 Line 17 State income tax 4,200 4. Johnelle and Latoya incurred the following medical expenses for the year: Transportation to Chicago for Johnelle's cancer 2,000 miles treatment Unreimbursed hospital charges for Johnelle $6,500 Unreimbursed prescription drug charges for Johnelle and Latoya 1,750 Unreimbursed physician charges for Johnelle and Latoya 2,200 Unreimbursed prescription glasses for Latoya 150 Laser hair treatment for Latoya (so that she will no longer 2,000 need to shave her legs) 5. Johnelle and Latoya paid $12,000 of interest payments on their primary residence (acquisition debt of $225,000). They also paid $1,750 of interest expense on Latoya's car loan and $500 of interest on their Visa card. 6. Johnelle and Latoya paid $4,000 of real estate taxes on their home and $1,000 of real estate tax on a vacant lot they purchased with the hope of building their dreana home in the future. They also paid $3,000 in sales tax on Latoya's car and other purchases and $1,000 of ad valorema tax on their cars. 7. Johnelle and Latoya made the following contributions this year: American Red Cross $ 200 United Way 150 a St. Joseph's Catholic Church 8,000 Food for the family of Hamah Barbara (a neighbor 225 who suffered a tragic car accident this past year) Stock transfer to the University of South Carolina 750 (originally purchased for $1,000 in 2005) 8. Johnelle won $5,000 in the state Lottery. He has been playing the lottery for years [$10 in lottery tickets every week ($520 in total) that tre saves to keep track of the numbers he plays). 9. Johnelle and Latoya have qualifying insurance for purposes of the Affordable Care Act (ACA). TAX RETURN PROBLEM 2 Requid: Use the following information to complete Johnelle and Latoya Henry's 2018 fed- eral income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Johnelle Henry is employed as a human resources manager for Toys Unlimited, Inc., and Latoya is a financial planner for her mother's company, Longarm Investments, Inc., a full service wealth--lanning firm. They provide the collowing information: They both want to contribute to the presidential election campaign. They live at 9876 Old Waverly, Charleston, South Carolina 29401. Johnelle's birthday is 7/17/1965 and his Social Security number is 555 12.6789 Latoya's birthday is 9/11/1967 and her Social Security number is 987-5-321. Johnelle and Latoya do not have any foreign bank accounts or trusts. 2. Johnelle received a Form W from Toys Unlimited, Inc. that contained the follow ing information: Line 1 Wages, tips, other compensation $45,000 Line 2 Federal income tax withheld 7.500 Line 3 Social Security wages 45,000 Line 4 Social Security tax withheld 2,790 . Line 5 Medicare wages and tips 45,000 . Line 6 Medicare tax withheld 653 Line 17 State income tax 2,200 3. Latoya received a Foru W ?from Longtern Investments, Inc., that contained the following information: Line 1 Wages, tips, other compensation $85,000 . Line 2 Federal income tax withheld 12,500 Line 3 Social Security wages 85,000 Line 4 Social Security tax withheld 5,270 Line 5 Medicare wages and tips 85,000 . Line 6 Medicare tax withheld 1,233 Line 17 State income tax 4,200 4. Johnelle and Latoya incurred the following medical expenses for the year: . Transportation to Chicago for Jolmelle's cancer 2,000 miles treatment Unreimbursed hospital charges for Johnelle $6,500 Unreimbursed prescription drug charges for Johnelle and Latoya 1,750 Unreimbursed nhysician charges for Inhnelle and TatouaStep by Step Solution
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