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Prepare Form 1040 for 2017, Pages 1 and 2 Schedules A, B, C, and SE. Be sure to provide the income tax calculation for line
Prepare Form 1040 for 2017, Pages 1 and 2 Schedules A, B, C, and SE.
Be sure to provide the income tax calculation for line 44. Be sure to answer all questions and fill in all lines that are necessary.
HINT: AGI is 106,718. Taxable income is 67,418.
FORM 1040 TAX YEAR 2017 THOMAS AND VANESSA KILEY ARE MARRIED. THEY ALWAYS FILE A JOINT TAX RETURN THEY HAVE ONE SON, RYAN, AGE 14. RYAN IS A DEPENDENT AND SO IS TOM'S ELDERLY MOTHER, ANN KILEY. TOM IS AN ACCOUNTANT AND VANESSA IS SESF- EMPLOYED. SHE PROVIDES DATA PROCESSING SERVICES FOR PHYSICIAN CLIENTS. TOM IS 39, VANESSA IS 41, AND ANN IS 66. THEIR ADDRESS IS 982 WILLIS AVENUE PAWTUCKET, RI 02860. THOMAS 035-22-6363 RYAN 358-66-1970 VANESSA 037-40-1040 ANN 040-23-7450 INCOME: THOMAS SALARY: TAXABLE WAGES FEDERAL INCOME TAX WITHHELD STATE INCOME TAX WITHHELD 81,000 6.800 2,800 VANESSA RECEIVED LIFE INSURANCE PROCEEDS FROM HER DECEASED BROTHER. 50,000 CAPITAL GAIN DISTRIBUTIONS FROM VANGUARD FUNDS. 7,600 INTEREST INCOME FROM WEBSTER BANK. 850 INTEREST INCOME FROM MUNICIPAL BONDS. 2,100 DIVIDEND INCOME E TRADE FUNDS. THE PORTION OF QUALIFIED DIVIDENDS IS $1,200 1,800 GROSS RECEIPTS FROM VANESSA'S DATA PROCESSING BUSINESS. SHE USES THE CASH BASIS. THE BUSINESS BEGAN 1/1/2011. VANESSA RECEIVES ALIMONY FROM HER EX-HUSBAND DEDUCTIONS: THESE ARE VANESSA'S DATA PROCESSING BUSINESS EXPENSES: 19,500 6.000 PENALTIES PAID TO THE STATE BUSINESS REGULATION DEPARTMENT BUSINESS INSURANCE OFFICE SUPPLIES TELEPHONE EQUIPMENT RENTAL 800 1.200 1.10n 750 1,500
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