Connor and Jordan Billings are married taxpayers. Connor works part-time in retail and Jordan works part-time at an elementary school. Their details are shown below: Name Date of Birth SSN Occupation Connor R. Billings 06/01/1957 123-45-6789 Retail Sales Jordan M. Billings 05/24/1965 987-65-4321 Teacher’s Aide The couple’s W-2s include the following information: Taxpayer Wages Federal Withholdings State Withholdings Connor 23,100 2,100 1,050 Jordan 21,200 2,050 950 complete 1040 form

Connor and Jordan Billings are married taxpayers. Connor works part-time in retail and Jordan works part-time at an elementary school. Their details are shown below: Name Date of Birth SSN Occupation Connor R. Billings 06/01/1957 123-45-6789 Retail Sales Jordan M. Billings 05/24/1965 987-65-4321 Teacher’s Aide The couple’s W-2s include the following information: Taxpayer Wages Federal Withholdings State Withholdings Connor 23,100 2,100 1,050 Jordan 21,200 2,050 950 complete 1040 form

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 13P

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Which of the following would preclude a taxpayer from deducting student loan interest expense? a. The total amount paid is 1,000. b. The taxpayer is single with AGI of 55,000. c. The taxpayer is married filing jointly with AGI of 120,000. d. The taxpayer is taken as a dependent of another taxpayer.
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Prepare Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her SSN is Tax Return Problem 2 412-34-5670. She worked the entire year for Applebee Consulting in Marshfield. Her Form W-2 contained information in the following boxes: Wages (box 1) = S67,155.75 %3D Federal W/H (box 2) = $ 8,366.12 Social security wages (box 3) = $67,155.75 Social security W/H (box 4) = $ 4,163.66 Medicare wages (box 5) = $67,155.75 Medicare W/H (box 6) = $ 973.76 bemco %3D She also received two Forms 1099-INT. One was from First National Bank of Marshfield and showed interest income of $537.39 in box 1. The other Form 1099-INT was from Baystate Savings and Loan and showed interest income of $281.70 in box 1. Brenda had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Brenda.
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Compute the 2021 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $fill in the blank 1 b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. $fill in the blank 2 c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. $fill in the blank 3 d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
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D