Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare an income tax return (with all appropriate forms and schedules) for the Smiths for 2021 following these guidelines: Alice J. and Bruce M.
Prepare an income tax return (with all appropriate forms and schedules) for the Smiths for 2021 following these guidelines: Alice J. and Bruce M. Smith are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1111, respectively. Alice's birthday is September 21, 1972, and Bruce's is June 27, 1971. They live at 500 Fortune Avenue, Anytown, CA 91850. Alice is the office manager for Dowell Dental Clinic, 733 Some Street, Anytown, CA 91850 (employer identification number 12-7654321). Bruce is the manager of a Super Burgers fast- food outlet owned and operated by Mercury Corporation, 1247 University Avenue, Hauppauge, CA 11788 (employer identification number 11-1111111). The following information is shown on their Wage and Tax Statements (Form W-2) for 2021. Description Line Alice 1 Wages, tips, other compensation $58,000 Bruce $62,100 2 Federal income tax withheld 4,500 6,300 3 Social Security wages 58,000 62,100 4 Social Security tax withheld 3,596 3,850 5 Medicare wages and tips 58,000 62,100 6 Medicare tax withheld 841 900 15 State California California 16 State wages, tips, etc. 58,000 62,100 17 State income tax withheld 2,950 3,100 The Smiths provide over half of the support of their two children, Cynthia (born January 25, 1997, Social Security number 123-45-6788) and John (born February 7, 2002, Social Security number 012-45-6786). Both children are full-time students and live with the Smiths except when they are away at college. Cynthia earned $4,200 from a summer internship at Some Type of Way Promotions in 2021, and John earned $3,900 from a part-time job at Richard's Steakhouse.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started