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The Park family consists of the following: Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarried Leslie T. Park; age 16; SSN: 000-00-0000;
The Park family consists of the following:
- Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarried
- Leslie T. Park; age 16; SSN: 000-00-0000; daughter; high-school student; lives at home
- Alex K. Park; age 12; SSN: NNN-NN-NNNN; son; middle-school student; lives at home
Pertinent information:
- Address: 132 Oakbrook Drive, Houston, Texas 77091
- The Parks do not want to contribute to the presidential election campaign
- Only Jackie can claim Leslie and Alex as dependents
- Using the correct Tax Rate Schedule (Not to be confused with the IRS Tax Tables) calculate the tax payer's Tax Liability
Jackie had the following earnings on her W-2:
- Wages: $55,159
- Federal tax withheld: $7,460
- Social Security tax withheld: $3,420
- Medicare tax withheld: $800
Other tax data:
- Jackie received $4,200 for the 3rd stimulus check in 2021.
- Jackie received the advanced child tax credit payments for 2021 of $2,000
- Jackie received $610 of personal interest income from her bank
- Medical expenses for the family were as follows:
- medical insurance premium $8,244
- payments for doctor's visits $6,760
- $850 was paid for dentists
- $230 for prescription drugs
- Texas State's general sales tax deduction allowed is $924
- Real estate taxes paid on her personal residence were $1,980
- Mortgage interest paid to her bank on the primary residence for the year was $6,000
- She donated $230 in cash to her church during the year.
Using the proper tax rate schedule for her filing status, calculate Jackie's tax liability. Assignment Guidelines
To prepare Jackie O. Park's tax return without the aid of Tax preparation software, complete the following steps:
- Ensure that you have anAdobe Reader installed on your computer to open and use the downloadable IRS forms.
- 1040
- 1040 Instructions
- 1040 Schedule A
- 1040 Schedule A Instructions
- 8812
- 8812 Instructions
- 1040
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