John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number is 412-34-5670 (date of birth 5/12/1983), and Shannon's is 412-34-5671 (date of birth 11/3/1985). John's W-2 contained the following information: $ 66,346.74 Wages (box 1) = Federal W/H (box 2) = Social security wages (box 3) = Social security W/H (box 4) = Medicare wages (box 5) = Medicare W/H (box 6) = $ 66,346.74 $ 5,224.75 $ 4,113.50 $ 66,346.74 $ 962.03 Shannon did not work for the year due to a medical condition but did receive unemployment compensation of $5,328 for the year with federal withholding of $654.68. In the same year, they had the following medical costs: Shannon's prescribed diabetes medication Shannon's hospital charges Shannon's regular physician visits Shannon's diabetes blood testing supplies Shannon's eye doctor Insurance reimbursements In addition, they had the following other expenses: State income taxes Real estate property taxes Car loan interest Personal property taxes Cash charitable contributions (made ratably throughout the year to their church) Mortgage interest expense Union dues for John $ 4,250 9,350 835 75 685 1,925 $ 4,950 4,170 500 765 2,135 9,970 575 175 Tax preparation fees Required: Prepare a Form 1040 with a Schedule 1 and Schedule A for the O'Banions using any appropriate worksheets. Use the appropriate Tax Tables. Note: List the names of the taxpayers in the order in which they appear in the problem. Round your final answers to the nearest whole dollar amoune lanus all she values as necisive numbers. Instruction in be found on certain colle wishin she forme
John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number is 412-34-5670 (date of birth 5/12/1983), and Shannon's is 412-34-5671 (date of birth 11/3/1985). John's W-2 contained the following information: $ 66,346.74 Wages (box 1) = Federal W/H (box 2) = Social security wages (box 3) = Social security W/H (box 4) = Medicare wages (box 5) = Medicare W/H (box 6) = $ 66,346.74 $ 5,224.75 $ 4,113.50 $ 66,346.74 $ 962.03 Shannon did not work for the year due to a medical condition but did receive unemployment compensation of $5,328 for the year with federal withholding of $654.68. In the same year, they had the following medical costs: Shannon's prescribed diabetes medication Shannon's hospital charges Shannon's regular physician visits Shannon's diabetes blood testing supplies Shannon's eye doctor Insurance reimbursements In addition, they had the following other expenses: State income taxes Real estate property taxes Car loan interest Personal property taxes Cash charitable contributions (made ratably throughout the year to their church) Mortgage interest expense Union dues for John $ 4,250 9,350 835 75 685 1,925 $ 4,950 4,170 500 765 2,135 9,970 575 175 Tax preparation fees Required: Prepare a Form 1040 with a Schedule 1 and Schedule A for the O'Banions using any appropriate worksheets. Use the appropriate Tax Tables. Note: List the names of the taxpayers in the order in which they appear in the problem. Round your final answers to the nearest whole dollar amoune lanus all she values as necisive numbers. Instruction in be found on certain colle wishin she forme
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number
is 412-34-5670 (date of birth 5/12/1983), and Shannon's is 412-34-5671 (date of birth 11/3/1985).
John's W-2 contained the following information:
Wages (box 1) =
$ 66,346.74
Federal W/H (box 2)
=
$ 5,224.75
=
$ 66,346.74
=
$ 4,113.50
Social security wages (box 3)
Social security W/H (box 4)
Medicare wages (box 5) =
Medicare W/H (box 6)
$ 66,346.74
$ 962.03
Shannon did not work for the year due to a medical condition but did receive unemployment compensation of $5,328 for the year with
federal withholding of $654.68. In the same year, they had the following medical costs:
Shannon's prescribed diabetes medication
$ 4,250
Shannon's hospital charges
9,350
Shannon's regular physician visits
835
Shannon's eye doctor
75
Shannon's diabetes blood testing supplies
685
Insurance reimbursements
1,925
In addition, they had the following other expenses:
State income taxes
$ 4,950
Real estate property taxes
Car loan interest
Personal property taxes
Cash charitable contributions
4,170
500
765
(made ratably throughout the year to their church)
Mortgage interest expense
Union dues for John
Tax preparation fees
Required:
2,135
9,970
575
175
Prepare a Form 1040 with a Schedule 1 and Schedule A for the O'Banions using any appropriate worksheets. Use the appropriate Tax
Tables.
Note: List the names of the taxpayers in the order in which they appear in the problem. Round your final answers to the nearest
whole dollar amount. Innut all the values ac nocitive numhere Instructions can he found on certain cells within the forme
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