Tax Return Project

docx

School

Jinnah University for Women, Karachi *

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Course

1022

Subject

Economics

Date

Nov 24, 2024

Type

docx

Pages

10

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Tax Return Project-Smith Family Student Name Course No/Title Submission Date
Tax Return Project-Smith Family Determination of Adjusted Gross Income The Smith family’s earnings and tax deductions for 2022 are as follows. Hope lost her job and received $27,755 in unemployment compensation and federal income deduction of $2,793. The family also received $316 as interest income from Prudential. They also received a dividend income of $3,328 of which $2,698 had qualified. There was also standard deduction of $25,900 and $2,116 as capital loss. Total Wages amount (W-2 forms) ---------------------------------------------------- $129,817 Taxable Interest -------------------------------------------------------------------------- 316 Ordinary dividends ---------------------------------------------------------------------- 3,328 Capital gain/ loss (Schedule D) -------------------------------------------------------- (2,116) Total Income------------------------------------------------------------------------------ 131,345 Adjustment to Income ------------------------------------------------------------------- 30,038 Adjusted Gross Income ----------------------------------------------------------------- 161,383 Determination of Tax and Credit Tax on Line 16 of form 1040 --------------------------------------------------------- $21,195 Other taxes including self-employment taxes -------------------------------------- 15, 586 Total Taxes ------------------------------------------------------------------------------ 36,781 Overall Accuracy of Return Tax Liability = Tax and Credits – Payments = 36, 781 – 27,209 =9,572
Submission of Required Schedule Forms
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