The Federal Income Tax information for your 2019 tax return is as follows You have a spouse and 2 children age 10 and I6; they are Lu and Hank You 66 years old. your spouse is 60 years old Your spouse has a small business as an author Your spouse has camed income of $6,700 from a their business 6.700 Spouse paid self-employment taxes of $944 & has a Federal tax adjustment of $4 Your spou Federal Income taxes of $700 Your spouse paid State Income taxes of $350 The following information agoes to your MF Return BP Oil (qualified dividend) RJ Reynolds Tobacco (qualified dividend) $25 Interest earned from Fidelity Investments 195 500 Interest earned on City of New York Bonds Interest earned on First Citizens savings account 400 375 You inherited a $12.000 City of Philadelphia bond, no interest has been paid out Salary from your W-2 12.000 Income Tax withheld for 2019 on your W-2 65,080 16.060 State Income Tax withheld for 2019 on your W-2 Cash award from Chamber of Commerce (You kept the award) 6.720 You have gambling income of 1.400 Your spouse has business capenses of Long-term capital gain 3.000 Long-term capital loss 1 50 Short-term capital gain -2.000 Short-term capital loss carryforward from 2018 to 2019 3,080 Short-term capital gain' (loss) -3.080 Medical and Dental Expenses 2.250 Prescription drugs Rental fee for crutches 2.750 Hospital Emergency Room fee 3.600 Medical Insurance premiums 4,800 Cold pills, aspirin, other over the counter medicine 200 State and Local Real Estate taxes on your residence 2,890 Home mortgage interest expense for 2019 6.700 Charitable contributions - Cash 3.525 Charitable contributions - Clothes (Original cost $4390, FMV $750) You have gambling losses of 1,000 Answer questions 1-28 listed below, Use tab 2 to show all calculations for answers and Federal Income Tax calculation Answers a Broad- ed from Broad Income? (3) What i (4) Wha it of the Short-Term Capital Gainy Loss)? Capital Gain (Loss )? Loss) for 20197 (7) Do you have a capital loss carryforward to 2020? (Yes or No) 81 What is the dollar $5 amount of the Capital (Loss) carry forward to 2020 19) Where do you a (Loss )? [ for agi] [from agit [10) Where do you add or deduct your ar business income or (loss)? [for agi] [from i [1 1) What is your total amount of your AGIT [1) What is the total $$ amount of the Standard Deduction for 2019? (13) What is the total SS amount of Medical Expenses for Sch A Line-1? [14) What is the total aunt of S [15) What i de & loca teal Estate Taxes for Sch A Lin sparse for Sch A line le contributions for Sch A line- 1 hases or use the Standard Deduction? [Item]EdD] [20) e tax credit you will apply to your 2019 taxes al Income Taxes withheld n 2019 at is the total amount of your Federal income tax liability in 2019 (24) at is the total $5 amount of taxes owed or to be (refunded) (25) What is your Marginal Tax Rate % for Ordinary Income? (36) What rate is used to calculate tax rate % on Qualified Divid & Ordinary Cap. Gaines (27) What is the Average Tax Rate % (remember to show calculations) (28) What is the Effective Tax Rate % (remember to show calculations)
