USE 2021 TAX RATES

Marc and Michelle are married and earned salaries this year of $66,800 and $13,050, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $850 from corporate bonds. Marc contributed $2.850 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,850 (under a divorce decree effective June 1. 2006). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $3.000 child tax credit for Matthew. Marc and Michelle paid $6,700 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $3,120 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Complete Marc and Michelle's Form 1040, pages 1 and 2. and Schedule 1 (use the most recent form available) Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333-44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 (Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given Information or Problem Statement. Do not skip rows, while entering In Deductions section of Form 1040 PG1. Use 2021 tax laws and 2020 tax form.) Nelther Marc nor Michelle wish to contribute to the Presidential Election Campaign fund or had any virtual currency transactions or Interests. % Answer is not complete. . Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available). 1040 PG 1 1040 PG 2 2 Schedule 1 Form 1040 Page 1 and 2. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IRS Use Only Do not write or staple in this space Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS bax, enter the name of your spouse. If you checked the HOH or OW box, enter the child's name if the qualifying person is one box a child but not your dependent Your first name and middle initial Last name Your social security number Mark el Taxpayer 111-22-3333 of joint return, spouse's first name and middle initial Spouse's social security number Last name Michelle Taxpayer 222-32.4444 Home address (number and street). If you have a P.O.box, see instructions. Apt. no. Presidential Election Campaign 19010 NW. 135th Street City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will Miami, FL 33054 not change your tax or refund. Foreign country name Foreign province state county Foreign postal code You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Your spouse as a dependent Standard Deduction Someone can daim: You as a dependent Spouse itemizes on a separate return or you were a dual status alien You: Were born before January 2, 1956 Are blind Age/Blindness Dependenta (see instructions (2) Social security number Last name (1) First name Matthew Spouse: Was born before January 2, 1956 Is blind (3) Relationship to you (4) if qualifies for (see instructions Child tax credit Credit for other dependents Son o O o O 333-44-5555 If more than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Forms) W-2 1 Attach Sch. Bit 2a Tax-exempt interest 2a b Taxable interest 2b required. 3a Qualified dividends b Ordinary dividends. 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities b Taxable amount 5b Ba Social security benefits b Taxable amount Gb 7 Capital gain or loss). Attach Schedule Dif required. 7 Standard 8 Other income from Schedule 1, line 9 a Deduction for Single or Married 9 Add lines 1, 2, 3, 4, 5, 6, 7 and 8. This is your total income 9 , 7, 9 filing separately, S12,400 10 Adjustments to income: . Married filing jointly or Qualifying a From Schedule 1, line 22 10a widower) S24,800 Head of b Charitable contributions if you take the standard deduction. See instruction 105 household 10c - Add lines 10a and 106. These are your tatal adjustments to income $18,650 0 . If you checked 11 Subtract line 10c from line 9. This is your adjusted gross income 11 0 any bax under Standard 12 Standard deduction or itemized deductions (frorn Schedule A) Deduction 12 see instructions 13 Qualified business income deduction. Attach Form 8995 or Farm 8995-A 13 14 Add lines 12 and 13 14 0 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 0 For Dleclosure, Privacy Act, and Paperwork Reduction Act Notice 29e separate Instructions. Cat No. 11320B Form 1040 (2020) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2020 McGraw-Hill Education, 15 Form 1040 Page 1 and 2. Form 1040 (2020) Page 2 16 Tax (see instructions). Check if any from Form(s) 1 8814 24972 3 18 17 18 19 20 21 0 17 Amount from Schedule 2, line 3 18 Add lines 16 and 17 19 Child tax credit or credit for other dependents 20 Amount from Schedule 3, line 7 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter-O- 23 Other taxes, including self employment tax, from Schedule 2, line 10 24 Add lines 22 and 23. This is your total tax 25 Federal income tax withheld from: a Form(s) W b Form(s) 1099 22 0 23 24 25a 255 Other forms (see instructions) 250 dAdd lines 25a through 25c 250 . If you have a qualifying child, attach Sch. EIC 26 2020 estimated tax payments and amount applied from 2019 return 28 27 Earned income credit (CIC) 27 28 . If you have nontaxable combat pay see instructions 29 30 31 32 28 Additional child tax credit. Atlach Schedule 8812 29 American opportunity credit from Farm 8863, Ine B 30 Recovery rebate credit. See instructions 31 Amount fram Schedule 3, line 13 32 Add lines 27 through 31. These are your total other payments and refundable credits 33 Add lines 25d, 26, and 32. These are your total payments 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 35a Amount of line 34 you want refunded to you. Routing number d Account number 33 0 Refund 35a c Type: Checking Savings Direct deposit? See instructions 38 Amount of line 34 you want applied to your 2021 estimated tax 38 Amount You Owe 37 Subtract line 33 from line 24. This is the amount you we now 37 Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its instructions for details For details on how to pay 38 Estimated tax penalty (see instructions) 38 instructions Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Yes. Complete below. No Designee's name Phone no. Personal identification number (PIN) Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (ather than taxpayer) is based on all information of which preparer has any knowledge Your signature Date Your occupation Joint return? See Instructiona. Keep a copy for your recorde. If the IRS sent you an identity Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Spouse's signature. If a joint return, both must sign Dale Spouse's occupation Phone no. Email address Preparer's signature Date PTIN Preparer's name Check if: Paid Self-employed Preparer Firm's name Phone na Use Only Firm's address Firm's EIN Form 1040 (2020) Go to www.irs.gov/Form 1040 for instructions and the latest information. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education. Marc and Michelle are married and earned salaries this year of $66,800 and $13,050, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $850 from corporate bonds. Marc contributed $2.850 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,850 (under a divorce decree effective June 1. 2006). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $3.000 child tax credit for Matthew. Marc and Michelle paid $6,700 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $3,120 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Complete Marc and Michelle's Form 1040, pages 1 and 2. and Schedule 1 (use the most recent form available) Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333-44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 (Input all the values as positive numbers. Enter any non-financial Information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given Information or Problem Statement. Do not skip rows, while entering In Deductions section of Form 1040 PG1. Use 2021 tax laws and 2020 tax form.) Nelther Marc nor Michelle wish to contribute to the Presidential Election Campaign fund or had any virtual currency transactions or Interests. % Answer is not complete. . Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available). 1040 PG 1 1040 PG 2 2 Schedule 1 Form 1040 Page 1 and 2. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IRS Use Only Do not write or staple in this space Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS bax, enter the name of your spouse. If you checked the HOH or OW box, enter the child's name if the qualifying person is one box a child but not your dependent Your first name and middle initial Last name Your social security number Mark el Taxpayer 111-22-3333 of joint return, spouse's first name and middle initial Spouse's social security number Last name Michelle Taxpayer 222-32.4444 Home address (number and street). If you have a P.O.box, see instructions. Apt. no. Presidential Election Campaign 19010 NW. 135th Street City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will Miami, FL 33054 not change your tax or refund. Foreign country name Foreign province state county Foreign postal code You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Your spouse as a dependent Standard Deduction Someone can daim: You as a dependent Spouse itemizes on a separate return or you were a dual status alien You: Were born before January 2, 1956 Are blind Age/Blindness Dependenta (see instructions (2) Social security number Last name (1) First name Matthew Spouse: Was born before January 2, 1956 Is blind (3) Relationship to you (4) if qualifies for (see instructions Child tax credit Credit for other dependents Son o O o O 333-44-5555 If more than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Forms) W-2 1 Attach Sch. Bit 2a Tax-exempt interest 2a b Taxable interest 2b required. 3a Qualified dividends b Ordinary dividends. 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities b Taxable amount 5b Ba Social security benefits b Taxable amount Gb 7 Capital gain or loss). Attach Schedule Dif required. 7 Standard 8 Other income from Schedule 1, line 9 a Deduction for Single or Married 9 Add lines 1, 2, 3, 4, 5, 6, 7 and 8. This is your total income 9 , 7, 9 filing separately, S12,400 10 Adjustments to income: . Married filing jointly or Qualifying a From Schedule 1, line 22 10a widower) S24,800 Head of b Charitable contributions if you take the standard deduction. See instruction 105 household 10c - Add lines 10a and 106. These are your tatal adjustments to income $18,650 0 . If you checked 11 Subtract line 10c from line 9. This is your adjusted gross income 11 0 any bax under Standard 12 Standard deduction or itemized deductions (frorn Schedule A) Deduction 12 see instructions 13 Qualified business income deduction. Attach Form 8995 or Farm 8995-A 13 14 Add lines 12 and 13 14 0 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 0 For Dleclosure, Privacy Act, and Paperwork Reduction Act Notice 29e separate Instructions. Cat No. 11320B Form 1040 (2020) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2020 McGraw-Hill Education, 15 Form 1040 Page 1 and 2. Form 1040 (2020) Page 2 16 Tax (see instructions). Check if any from Form(s) 1 8814 24972 3 18 17 18 19 20 21 0 17 Amount from Schedule 2, line 3 18 Add lines 16 and 17 19 Child tax credit or credit for other dependents 20 Amount from Schedule 3, line 7 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter-O- 23 Other taxes, including self employment tax, from Schedule 2, line 10 24 Add lines 22 and 23. This is your total tax 25 Federal income tax withheld from: a Form(s) W b Form(s) 1099 22 0 23 24 25a 255 Other forms (see instructions) 250 dAdd lines 25a through 25c 250 . If you have a qualifying child, attach Sch. EIC 26 2020 estimated tax payments and amount applied from 2019 return 28 27 Earned income credit (CIC) 27 28 . If you have nontaxable combat pay see instructions 29 30 31 32 28 Additional child tax credit. Atlach Schedule 8812 29 American opportunity credit from Farm 8863, Ine B 30 Recovery rebate credit. See instructions 31 Amount fram Schedule 3, line 13 32 Add lines 27 through 31. These are your total other payments and refundable credits 33 Add lines 25d, 26, and 32. These are your total payments 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 35a Amount of line 34 you want refunded to you. Routing number d Account number 33 0 Refund 35a c Type: Checking Savings Direct deposit? See instructions 38 Amount of line 34 you want applied to your 2021 estimated tax 38 Amount You Owe 37 Subtract line 33 from line 24. This is the amount you we now 37 Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its instructions for details For details on how to pay 38 Estimated tax penalty (see instructions) 38 instructions Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Yes. Complete below. No Designee's name Phone no. Personal identification number (PIN) Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (ather than taxpayer) is based on all information of which preparer has any knowledge Your signature Date Your occupation Joint return? See Instructiona. Keep a copy for your recorde. If the IRS sent you an identity Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Spouse's signature. If a joint return, both must sign Dale Spouse's occupation Phone no. Email address Preparer's signature Date PTIN Preparer's name Check if: Paid Self-employed Preparer Firm's name Phone na Use Only Firm's address Firm's EIN Form 1040 (2020) Go to www.irs.gov/Form 1040 for instructions and the latest information. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education.