tax year 2022

tax year 2022

tine ronowing inrormavon appures to the questions arspiayea deiowj Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2022). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her takable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,680 for medical expenses for care from a broken ankle in October, Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,400 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,000 for the surgery (she received no insurance reimbursement). She also incurred $450 of other medical expenses for the yeat. c. SD withheld $1,800 of state income tax, $7,495 of Social Security tax, and $14,500 of federal income tax from Shauna's paychecks throughout the year. d. In 2022, Shauna was due a refund of $250 for overpaying her 2021 state taxes, On her 2021 state tax return that she filed in April 2022. she applied the overpayment toward her 2022 state tax liability. She estimated that her state tax liability for 2022 will be $2,300. e. Shauna paid $3,200 of property taxes on her personal residence. She also paid $5.00 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $200 property tax based on the state's estimate of the value of her car. 9. Shauna has a home mortgage loan in the amount of $220,000 that she secured when she purchased her home. The home is worth about $400,000, Shauna paid interest of $12,300 on the loan this year. h. Shauna made several charitable contributions throughout the yeat, She contributed stock in ZYX Corporation to the Red Cross, On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis in the shares was $400. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $300 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $500 and Shaund's basis in the items was $300. Shauna had every reason to believe the church would keep them on display h. Shauna made several charitable contributions throughout the yeat. She contributed stock in ZY X Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis in the shares was $400. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contibuted $300 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $500 and Shauna's basis in the items was $300. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,200 of services to her church last year. 1. Shauna paid $250 in investment advisory fees and another $150 to have her tax return prepared (that is, she pold $150 in 2022 to have her 2021 tax retum prepared). J. Shauna is involved in horse racing as a hobby. During the yeat, she won $2,500 in prize money and incurred $10,000 in expenses. She has never had a profitable year with her horse-racing octivities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,000 in gambling losses over the year (mostly horse-tacing bets) and had only $200 in winnings. b-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGl is $207,000. (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, soclal security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2022 tax rules regardless of year on form.) Shauna does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or interests. Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shound Coleman: 11t-11-1111 Form 1040 for single with no dependents. Form 1040 Page 1. Thequsend inlentruation Form 1040 Schedule A B. Hequired infarmason metructioni. THIS FORIN IS A SIMULLATION OF AN OFFICIAL U.S. TAXFORM. IT IS NOT THE OFFCIAL FOAM ITSELF. DO NOT USE TH FOR TAX FLLTHCS OA FOR ANY PURPOSE OTHER THAN FDUCATIONAL 2002 UEGraw Hill Education. c 1040 FG 1 tine ronowing inrormavon appures to the questions arspiayea deiowj Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2022). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her takable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,680 for medical expenses for care from a broken ankle in October, Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,400 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,000 for the surgery (she received no insurance reimbursement). She also incurred $450 of other medical expenses for the yeat. c. SD withheld $1,800 of state income tax, $7,495 of Social Security tax, and $14,500 of federal income tax from Shauna's paychecks throughout the year. d. In 2022, Shauna was due a refund of $250 for overpaying her 2021 state taxes, On her 2021 state tax return that she filed in April 2022. she applied the overpayment toward her 2022 state tax liability. She estimated that her state tax liability for 2022 will be $2,300. e. Shauna paid $3,200 of property taxes on her personal residence. She also paid $5.00 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $200 property tax based on the state's estimate of the value of her car. 9. Shauna has a home mortgage loan in the amount of $220,000 that she secured when she purchased her home. The home is worth about $400,000, Shauna paid interest of $12,300 on the loan this year. h. Shauna made several charitable contributions throughout the yeat, She contributed stock in ZYX Corporation to the Red Cross, On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis in the shares was $400. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $300 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $500 and Shaund's basis in the items was $300. Shauna had every reason to believe the church would keep them on display h. Shauna made several charitable contributions throughout the yeat. She contributed stock in ZY X Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,000 and her basis in the shares was $400. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contibuted $300 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $500 and Shauna's basis in the items was $300. Shauna had every reason to believe the church would keep them on display indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,200 of services to her church last year. 1. Shauna paid $250 in investment advisory fees and another $150 to have her tax return prepared (that is, she pold $150 in 2022 to have her 2021 tax retum prepared). J. Shauna is involved in horse racing as a hobby. During the yeat, she won $2,500 in prize money and incurred $10,000 in expenses. She has never had a profitable year with her horse-racing octivities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,000 in gambling losses over the year (mostly horse-tacing bets) and had only $200 in winnings. b-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGl is $207,000. (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, soclal security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2022 tax rules regardless of year on form.) Shauna does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or interests. Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shound Coleman: 11t-11-1111 Form 1040 for single with no dependents. Form 1040 Page 1. Thequsend inlentruation Form 1040 Schedule A B. Hequired infarmason metructioni. THIS FORIN IS A SIMULLATION OF AN OFFICIAL U.S. TAXFORM. IT IS NOT THE OFFCIAL FOAM ITSELF. DO NOT USE TH FOR TAX FLLTHCS OA FOR ANY PURPOSE OTHER THAN FDUCATIONAL 2002 UEGraw Hill Education. c 1040 FG 1