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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
- Jackie does not receive child support. She pays all of the household expenses including the upkeep of Leslie and Alex. 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 payers Tax Liability
- Jackie also operates a realty company on a part-time basis. Her income from this business is from real estate sales during the year. She is a sole proprietor and her companys name is Jaleal Realty Company. Jackie rents a small office to operate this business.
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:
- Texas States general sales tax deduction allowed is $924.
- Jackie received $610 of personal interest income from her bank.
- She donated $230 in cash to her church during the year.
- Real estate taxes paid on her personal residence were $1,980, and the mortgage interest paid to her bank in New York, NY on the primary residence for the year was $16,000.
- Medical expenses for the family were as follows:
- medical insurance premium $3,244
- payments for doctors visits $1,760
- $850 was paid for dentists
- $230 for prescription drugs
- Using the proper tax rate schedule for her filing status, calculate Jackies tax liability.
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