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Use the following information to complete Armando and Lourdes Gonzales 2018 Federal Individual income tax return. If any information is missing use reasonable assumptions to
Use the following information to complete Armando and Lourdes Gonzales 2018 Federal Individual income tax return. If any information is missing use reasonable assumptions to fill in the gaps.
2. Lourdes is a lecturer at Xavier University in Cincinnati, where she carned $30,000. The university withheld federal income tax of $3,375, state income tax of $900, Cincinnati city income tax of $375, $1.860 of Social Security tax, and $435 of Medicare tax. She also worked part of the year for Delta Airlines. Delta paid her $10,000 in salary, and withheld federal income tax of $1,125, state income tax of $300, Cincinnati city income tax of $125, Social Security tax of $620, and Medicare tax of $145. 3. The Gonzaleses received $800 of interest from State Savings Bank on a joint account. They received interest of $1,000 on City of Cincinnati bonds they bought in January with the proceeds of a loan from Third National Bank of Cincinnati. They paid Page C-9 interest of $1,100 on the loan. Armando received a dividend of $540 on General Bicycle Corporation stock he owns. Lourdes received a dividend of $390 on Acme Clothing Corporation stock she owns. Armando and Lourdes received a dividend of 8865 on jointly owned stock in Maple Company. All of the dividends received in 2018 are qualified dividends. 2. Lourdes is a lecturer at Xavier University in Cincinnati, where she carned $30,000. The university withheld federal income tax of $3,375, state income tax of $900, Cincinnati city income tax of $375, $1.860 of Social Security tax, and $435 of Medicare tax. She also worked part of the year for Delta Airlines. Delta paid her $10,000 in salary, and withheld federal income tax of $1,125, state income tax of $300, Cincinnati city income tax of $125, Social Security tax of $620, and Medicare tax of $145. 3. The Gonzaleses received $800 of interest from State Savings Bank on a joint account. They received interest of $1,000 on City of Cincinnati bonds they bought in January with the proceeds of a loan from Third National Bank of Cincinnati. They paid Page C-9 interest of $1,100 on the loan. Armando received a dividend of $540 on General Bicycle Corporation stock he owns. Lourdes received a dividend of $390 on Acme Clothing Corporation stock she owns. Armando and Lourdes received a dividend of 8865 on jointly owned stock in Maple Company. All of the dividends received in 2018 are qualified dividendsStep by Step Solution
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