Jacob and Taylor Weaver ages 45 and 42 respectively, are married and are filing jointly in 2021. They have three children, Ashley, age 9; Patrick, age 6; and John, age 17. ocial Security numbers are: Jacob, 222-33-4444; Taylor, 555-66-7777; Ashley, 888-99-1234; Patrick, 789-56-4321; John, 123-45-6789. Taylor works part-time as a paralegal. She earned $31,000 in 2021. Income Taxes: $4,200 withheld. Interest received from Local Bank: $6,575. Estimated tax payments: $25,000. $350 was paid with their 2020 state tax return. Jacob and Taylor bought their first house in 2021. Home mortgage interest: $12,246. Property tax: $12, 230. Federal income withholding: $2,350. Charities: $4,500. $435 to rent a moving truck. $8,000 to put new siding on the house. $11, 600 for childcare expenses ($5,800 for each child). It was paid to Lil Tigers Daycare, 1115 S. Garrison St., Muncie, IN 47305 (EIN 98-7654321). Taylor is a part-time student at Ball State University in Muncie. She received a 1098-T indicating tuition and fees for 2021 in the amount of $6,011. Health insurance for the family, through Taylor's job, cost $7,500 for all 12 months of 2021. They paid deductibles and co-payments of $2,550.
Jacob and Taylor Weaver ages 45 and 42 respectively, are married and are filing jointly in 2021. They have three children, Ashley, age 9; Patrick, age 6; and John, age 17. ocial Security numbers are: Jacob, 222-33-4444; Taylor, 555-66-7777; Ashley, 888-99-1234; Patrick, 789-56-4321; John, 123-45-6789. Taylor works part-time as a paralegal. She earned $31,000 in 2021. Income Taxes: $4,200 withheld. Interest received from Local Bank: $6,575. Estimated tax payments: $25,000. $350 was paid with their 2020 state tax return. Jacob and Taylor bought their first house in 2021. Home mortgage interest: $12,246. Property tax: $12, 230. Federal income withholding: $2,350. Charities: $4,500. $435 to rent a moving truck. $8,000 to put new siding on the house. $11, 600 for childcare expenses ($5,800 for each child). It was paid to Lil Tigers Daycare, 1115 S. Garrison St., Muncie, IN 47305 (EIN 98-7654321). Taylor is a part-time student at Ball State University in Muncie. She received a 1098-T indicating tuition and fees for 2021 in the amount of $6,011. Health insurance for the family, through Taylor's job, cost $7,500 for all 12 months of 2021. They paid deductibles and co-payments of $2,550.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7
Transcribed Image Text:Jacob and Taylor Weaver ages 45 and 42 respectively, are married and are filing jointly in 2021. They have three children, Ashley, age 9; Patrick, age 6; and
John, age 17. ocial Security numbers are: Jacob, 222 - 33 - 4444; Taylor, 555 - 66 - 7777; Ashley, 888 - 99 - 1234; Patrick, 789 - 56 - 4321; John, 123 - 45 - 6789.
Taylor works part-time as a paralegal. She earned $31,000 in 2021. Income Taxes: $4,200 withheld. Interest received from Local Bank: $6,575. Estimated tax
payments: $25,000. $350 was paid with their 2020 state tax return. Jacob and Taylor bought their first house in 2021. Home mortgage interest: $12, 246.
Property tax: $12,230. Federal income withholding: $2,350. Charities: $4,500. $435 to rent a moving truck. $8,000 to put new siding on the house. $11,600 for
childcare expenses ($5,800 for each child). It was paid to Lil Tigers Daycare, 1115 S. Garrison St., Muncie, IN 47305 (EIN 98-7654321). Taylor is a part-time
student at Ball State University in Muncie. She received a 1098 - Tindicating tuition and fees for 2021 in the amount of $6,011. Health insurance for the family,
through Taylor's job, cost $7,500 for all 12 months of 2021. They paid deductibles and co- payments of $2,550.
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