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Problem #1- You have collected the following information in order to prepare your tax return for 2019. a. e. You are married to your honey.
Problem #1- You have collected the following information in order to prepare your tax return for 2019. a. e. You are married to your honey. Insert your name, address and a fictitious social security number for you and your honey. b. You have two children. Insert their names and a fictitious social security number for each. C. Wages from your W-2: You: $63,000, your honey: $52,000 d. Federal Income tax withheld on your W-2, line 2: You: $7,500, your honey: $6,450 Taxable interest from our 1099-INT = $750 f. Ordinary dividends from 3-M stock you got as a wedding gift = $1,000 g. If you itemize, you collect the information and you find the following possible deductions: a. $7,000 of expenses for charitable giving, b. $8,400 for mortgage interest, c. $2,100 for property taxes, d. $4,200 for state income taxes, e. $6,250 for medical expenses and prescriptions. Should you itemize or should you take the standard deduction? h. Student loan interest paid =$500 i. Complete the 1040
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