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not be available.) 4-58 Form 1040. William A. Gregg, a high school educator, and Mary W. Gregg, a microbiologist, are married and file a joint income tax return for 2019. Neither William nor Mary is over 50 years old, and both have excellent sight. They provide the sole support of their three children: Barry, Kimberly, and Rachel (all under age 17). The following information is from their records for 2019: $54,000 5,000 60,000 6,000 690 220 1,400 Salaries and wages, William Federal income tax withheld. Salaries and wages, Mary Federal income tax withheld. Interest income-Home Savings and Loan. Interest income-City Bank Tax-exempt interest income-State of Texas Bonds Itemized deductions as follows: Hospitalization insurance Unreimbursed fees of doctors, hospitals, etc. Unreimbursed prescription drugs Real estate taxes on residence State income taxes paid State sales taxes paid Interest paid on original home mortgage Charitable contribution-Faith Church Charitable contribution-State University, Quarterly estimated federal taxes paid. 320 740 310 6,300 2,700 720 18,430 4,000 200 3,500 Calculate the 2019 Federal income tax and the tax due (or refund) for the Greggs assuming they file a joint return. Form 1040, along with Schedules A and B, may be completed. Supply fictitious information for the address and Social Security numbers. (Note: Use 2019 tax forms since the 2020 forms may not be available.) Problem 4-58 Although the problem does not require it | want you to fill out the tax forms, because that will help you understand the theory of the tax formula in Ch. 3. This problem only requires a form 1040 and Schedules 3, A & B (Schedule B is technically not necessary because total taxable interest and dividends are under $1,500, but do it anyway). Itemized deductions go on Schedule A. In the facts, where it says "Quarterly estimated taxes paid" of $3,500, it means the total paid for the year is $3500, not $3,500 per quarter. These are Federal estimated taxes. They do not go on Schedule A. Interest income goes on Sch. B. Itemized deductions go on Sch. A. Go to www.irs.gov to get forms & instructions or Appendix B. Use 2019 tax forms and numbers (standard deduction, etc), unless ALL 2020 forms for this problem are available. Don't mix years! not be available.) 4-58 Form 1040. William A. Gregg, a high school educator, and Mary W. Gregg, a microbiologist, are married and file a joint income tax return for 2019. Neither William nor Mary is over 50 years old, and both have excellent sight. They provide the sole support of their three children: Barry, Kimberly, and Rachel (all under age 17). The following information is from their records for 2019: $54,000 5,000 60,000 6,000 690 220 1,400 Salaries and wages, William Federal income tax withheld. Salaries and wages, Mary Federal income tax withheld. Interest income-Home Savings and Loan. Interest income-City Bank Tax-exempt interest income-State of Texas Bonds Itemized deductions as follows: Hospitalization insurance Unreimbursed fees of doctors, hospitals, etc. Unreimbursed prescription drugs Real estate taxes on residence State income taxes paid State sales taxes paid Interest paid on original home mortgage Charitable contribution-Faith Church Charitable contribution-State University, Quarterly estimated federal taxes paid. 320 740 310 6,300 2,700 720 18,430 4,000 200 3,500 Calculate the 2019 Federal income tax and the tax due (or refund) for the Greggs assuming they file a joint return. Form 1040, along with Schedules A and B, may be completed. Supply fictitious information for the address and Social Security numbers. (Note: Use 2019 tax forms since the 2020 forms may not be available.) Problem 4-58 Although the problem does not require it | want you to fill out the tax forms, because that will help you understand the theory of the tax formula in Ch. 3. This problem only requires a form 1040 and Schedules 3, A & B (Schedule B is technically not necessary because total taxable interest and dividends are under $1,500, but do it anyway). Itemized deductions go on Schedule A. In the facts, where it says "Quarterly estimated taxes paid" of $3,500, it means the total paid for the year is $3500, not $3,500 per quarter. These are Federal estimated taxes. They do not go on Schedule A. Interest income goes on Sch. B. Itemized deductions go on Sch. A. Go to www.irs.gov to get forms & instructions or Appendix B. Use 2019 tax forms and numbers (standard deduction, etc), unless ALL 2020 forms for this problem are available. Don't mix years