Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The problem is attached on a docx file and it is to be applied on a 1040 Tax Form, but I'm having trouble doing exactly
The problem is attached on a docx file and it is to be applied on a 1040 Tax Form, but I'm having trouble doing exactly that.
Group 5 - cumulative software problem - Chapter 1 - Text Page 1-45 Albert Gaytor & his wife, Allison, are married & file a joint federal income tax return for 2016. The Gaytors live at 12340 Cocoshell Road, Coral Gables, FL 33134. Mr. Gaytor is a charter fishing boat captain but took 6 months off from his job in 2016 to train & study for his Masters Captain's License. In 2016, Albert received a Form W-2 providing the following information from his employer, Coconut Grove Fishing Charters, Inc.: Employee's Social Security # = 266-51-1966 / Employer ID # & state = 60-3456789(FL) Employee's Name & Address: Albert T. Gaytor 12340 Cocoshell Road Coral Gables, FL 33134 Employer's Name & Address: Coconut Grove Fishing Charters, Inc. 2432 Bay Blvd. Coconut Grove, FL 33133 Box #: 1 2 3 4 5 6 Amount: $65,250 $6,120 $65,250 $4,045.50 $65,250 $946.13 Description: Wages Federal Income Tax Withheld Social Security Wages Social Security Tax Withheld Medicare Wages Medicare Tax Withheld The Gaytors have a 17 years old son, Crocker, who is enrolled in the 11 th grade at the Bucholz Preparatory School. The Gaytors also have an 18 years old daughter, Cayman, who is a part-time freshman student at Dade County Community College (\"DCCC\"). She is married to Sean Slacker, who is 19 years old & a part-time student at DCCC. Cayman & Sean have a 1 year old child, Wanda Slacker (Social Security # 64899-4306). Sean, Cayman & Wanda all live in an apartment up the street from Albert & Allison during the entire 2016 calendar year. Sean & Cayman both work for Sean's wealthy grandfather, as apprentices in his business. Their wages for the year were a combined $50,000, which allowed them to pay all of the personal expenses for themselves & their daughter. The following additional information applies to the family members: Name: Albert T. Gaytor Allison A. Gaytor Crocker Gaytor Cayman Slacker Sean Slacker Social Security #: 266-51-1966 266-34-1967 261-55-1212 261-11-4444 344-23-5656 Date of Birth: 09/22/1967 07/01/1968 12/21/1999 03/13/1998 05/01/1997 Albert & Allison have a savings account & received the following information on a 1099 from the Vizcaya National Bank, 9871 Coral Way, Miami, FL 33134 (Payer's tax ID # = 60-7654321): Box 1 = $375.05 (interest earned) REQUIRED: Use a computer software package to complete Form 1040 for Albert & Allison Gaytor for 2016. Be sure to save your data input files since the case will be expanded with more tax information in later chapters. Make assumptions regarding any information not givenStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started