Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,550 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may only claim the child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive Problem 4-55 Part b Complete page 1, page 2, and Schedule 1 of the Jacksons' Form 1040 (use the most recent form available) Demarco and Janine Jackson's address is 1001 NW 93 Street, Miami, FL 33168 Social security numbers: Demarco: 123-45-6789 Janine: 234-56-7890 Son: Damarcus: 345-67-8901 Daughter: Janine: 456-78.9012 Son: Michael : 567-89-0123 Daughter: Candice 678-90-1234 Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement (Input all the values os positive numbers. Use 2019 tax laws.) (Do not round your intermediate calculations. Round final answers to the nearest whole dollar amount.) Answer is not complete. 1040 for a couple Married Filing Jointly. 10401 1040 G2 Schedule 1 Page of 1040. Some information does not carry over from Page * Answer is not complete. 1040 for a couple Married Filing Jointly. 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1010. Some information does not carry over from Page 1 Form 1040 2013 Page 2 TOOOOO 1 Wages on how Table interest Ordinar Mach Form A ttach Formis) W-26 and 10-RE Swedends As pendantes 15 Social security benefits Total income Add lines through 5. Add any amount from Schedule Ib Table amount baxable amount 100 000 Standard deduction T edescome. If you have soments to conter the in the bac Schedule Segera ne bomo Sundecom She 110.000 1290 10 000 STOSO 2. For b y tom Schand check here 12 Cha r cher dependents body Schedule and the 13 S tromne to other foren nach Schedule 15 Tone 114 16 come tax whe w and OOO 6 500 16500 6500) 350 la dere any amount Standard deduction Single or Manied Sling ser 512000 7 Adjusted gross income. If you have no adjustments to income enter the amount from line otherwise subtract Schedule line 25, from line 6 8 Standard deduction temized deductions from Schedule A) 9 Qualified business income deduction se c tion 10 Table income Subtracties and from the lesson 11 a Taxi check it any from Forma) 1814 Form 1872 110,000 12,950 10,000 87050 medy Qualifying widower) $24.000 5.500 6.500 (5.500) Add any amount from Schedule 2 and check here Head of 12 a Chate credit for other dependents hours 18000 A ny amount from Schedule and check here 13 e 12 from the 11 lesser 14 Others At Schedule you checked 15 Tot Mines 13 and 16 o nder Standard 15 Federal co m ma 2 and 10 17 decret ) Form106) 18 IT There you Rotund 1 methan e 151 amount of you wanted to you o Deco See Hong > A 2119 Amount You 15 For (6.500) 1550 A Sh 512 ny amount om Schedules This the h Tupe h Check how to STOMISARIATION OF AN OFFICIAL STAX FOAM IT IS NOT THE OFFICUL FORMSELF DO NOT USE THIS FON FOR TAXINGSOR FOR ANY PURPOSE OTHER THAN DUCATIONAL 2013 M . (Form 1040) Department of the Treasury Internal Revenue Service Names) shown on Form 1040 Attach fo Form 1040 for instructions and the 2018 Go to www it worm stomato Attachment Sequence No 01 Your social security number 1.96 ock here o 13 156 Moto 1-9 Reserved Income 10 Taxable refunds credits or offset of state and local income 11 Alimony received 12 Business income O ss) Attach Schedule CorCEZ 13 Capital gain or Attach Schedule Dried F r uired, check here 14 Other gains or dos Attach Form 4797 15a Reserved 15a Reserved 17 Rental real estate, royalties partnerships Scorporations but Attach Schedule 18 Farm Anach Schedule 19 Unemployment compensation 20a Reserved 21 Other come Listy and out 22 Combine the amounts in the theme you conta c Form 1040. in 6. Oherwise be in Nojustment 23 Educators 24 Cartus pessoress ing w e government Form 2106 25 Health Scont on Form 25 Nove m ber the com alala ter 10.000 N S SE 27 Dato A 25 SEP SIMPLE 29 Smedence de 31 and Recent alas Individuals Schedule X-Single If taxable income is over: But not over: The tax is: 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 S970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 514,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628,50 plus 35% of the excess over $204,100 $510,300 $153,798,50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plusyl 2% of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168.400 $321,450 $408,200 $65,497 plus 32% of the excess over 5321,450 $408,200 5612,350 593,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52.850 S 84,200 $6,065 plus 22% of the excess over $52.850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31.322 plus 32 of the excess over $160,700 S204.100 $510,300 $45.210 plus 35% of the excess over S204.100 5510,300 - $152,380 plus 37% of the excess over $510,300 Schedule Y-2 Married Filing Separately If taxable income is over. But not over: The tax is: S 0 S 9.700 106 of taxable income $ 9,700 S 39,475 5970 plus 12% of the excess over 59.700 Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,550 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may only claim the child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive Problem 4-55 Part b Complete page 1, page 2, and Schedule 1 of the Jacksons' Form 1040 (use the most recent form available) Demarco and Janine Jackson's address is 1001 NW 93 Street, Miami, FL 33168 Social security numbers: Demarco: 123-45-6789 Janine: 234-56-7890 Son: Damarcus: 345-67-8901 Daughter: Janine: 456-78.9012 Son: Michael : 567-89-0123 Daughter: Candice 678-90-1234 Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement (Input all the values os positive numbers. Use 2019 tax laws.) (Do not round your intermediate calculations. Round final answers to the nearest whole dollar amount.) Answer is not complete. 1040 for a couple Married Filing Jointly. 10401 1040 G2 Schedule 1 Page of 1040. Some information does not carry over from Page * Answer is not complete. 1040 for a couple Married Filing Jointly. 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1010. Some information does not carry over from Page 1 Form 1040 2013 Page 2 TOOOOO 1 Wages on how Table interest Ordinar Mach Form A ttach Formis) W-26 and 10-RE Swedends As pendantes 15 Social security benefits Total income Add lines through 5. Add any amount from Schedule Ib Table amount baxable amount 100 000 Standard deduction T edescome. If you have soments to conter the in the bac Schedule Segera ne bomo Sundecom She 110.000 1290 10 000 STOSO 2. For b y tom Schand check here 12 Cha r cher dependents body Schedule and the 13 S tromne to other foren nach Schedule 15 Tone 114 16 come tax whe w and OOO 6 500 16500 6500) 350 la dere any amount Standard deduction Single or Manied Sling ser 512000 7 Adjusted gross income. If you have no adjustments to income enter the amount from line otherwise subtract Schedule line 25, from line 6 8 Standard deduction temized deductions from Schedule A) 9 Qualified business income deduction se c tion 10 Table income Subtracties and from the lesson 11 a Taxi check it any from Forma) 1814 Form 1872 110,000 12,950 10,000 87050 medy Qualifying widower) $24.000 5.500 6.500 (5.500) Add any amount from Schedule 2 and check here Head of 12 a Chate credit for other dependents hours 18000 A ny amount from Schedule and check here 13 e 12 from the 11 lesser 14 Others At Schedule you checked 15 Tot Mines 13 and 16 o nder Standard 15 Federal co m ma 2 and 10 17 decret ) Form106) 18 IT There you Rotund 1 methan e 151 amount of you wanted to you o Deco See Hong > A 2119 Amount You 15 For (6.500) 1550 A Sh 512 ny amount om Schedules This the h Tupe h Check how to STOMISARIATION OF AN OFFICIAL STAX FOAM IT IS NOT THE OFFICUL FORMSELF DO NOT USE THIS FON FOR TAXINGSOR FOR ANY PURPOSE OTHER THAN DUCATIONAL 2013 M . (Form 1040) Department of the Treasury Internal Revenue Service Names) shown on Form 1040 Attach fo Form 1040 for instructions and the 2018 Go to www it worm stomato Attachment Sequence No 01 Your social security number 1.96 ock here o 13 156 Moto 1-9 Reserved Income 10 Taxable refunds credits or offset of state and local income 11 Alimony received 12 Business income O ss) Attach Schedule CorCEZ 13 Capital gain or Attach Schedule Dried F r uired, check here 14 Other gains or dos Attach Form 4797 15a Reserved 15a Reserved 17 Rental real estate, royalties partnerships Scorporations but Attach Schedule 18 Farm Anach Schedule 19 Unemployment compensation 20a Reserved 21 Other come Listy and out 22 Combine the amounts in the theme you conta c Form 1040. in 6. Oherwise be in Nojustment 23 Educators 24 Cartus pessoress ing w e government Form 2106 25 Health Scont on Form 25 Nove m ber the com alala ter 10.000 N S SE 27 Dato A 25 SEP SIMPLE 29 Smedence de 31 and Recent alas Individuals Schedule X-Single If taxable income is over: But not over: The tax is: 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 S970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 514,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628,50 plus 35% of the excess over $204,100 $510,300 $153,798,50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plusyl 2% of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168.400 $321,450 $408,200 $65,497 plus 32% of the excess over 5321,450 $408,200 5612,350 593,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52.850 S 84,200 $6,065 plus 22% of the excess over $52.850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31.322 plus 32 of the excess over $160,700 S204.100 $510,300 $45.210 plus 35% of the excess over S204.100 5510,300 - $152,380 plus 37% of the excess over $510,300 Schedule Y-2 Married Filing Separately If taxable income is over. But not over: The tax is: S 0 S 9.700 106 of taxable income $ 9,700 S 39,475 5970 plus 12% of the excess over 59.700