PLEASE HELP I NEED IT SOLVE ASAP PLEASE! WILL RATE! Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $768. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary $144,900 Jessie's craft sales 18,480 Interest from certificate of deposit 1,730 Interest from Treasury bond funds 732 Interest from municipal bond funds 936 Expenditures: Federal income tax withheld from Joe's wages $ 13,700 State income tax withheld from Joe's wages 6,560 Social Security tax withheld from Joe's wages 7,514 Real estate taxes on residence 6,360 Automobile licenses (based on weight) 326 State sales tax paid 1,230 Home mortgage interest 26,800 Interest on Masterdebt credit card 2,460 Medical expenses (unreimbursed) 1,770 Joe's employee expenses (unreimbursed) 2,560 Cost of Jessie's craft supplies 5,140 Postage for mailing crafts 156 Travel and lodging for craft shows 2,310 Self-employment tax on Jessie's craft income 1,536 College tuition paid for Lizzie 5,940 Interest on loans to pay Lizzie's tuition 3,360 Lizzie's room and board at college 12,780 Cash contributions to the Red Cross 565 b. Complete page 1 of Form 1040 (through taxable income, line 15), Schedule 1, and Schedule A. (Round your intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2023 tax rules regardless of year on form.) Joe and Jessie does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or interests. Joe and Jessie's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Joe: 111-11-1111 Jessie: 222-22-2222 Lizzie: 333-33-3333 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. ITIS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY Sa Qualified dividends 38 Ondary dividends Standard Deduction for 46 A distributions 4e Txable amount 45 Se Pensions and annu Se Taxable amount 16 6e Socal security benef Taxable amount 8 Single or Manding Capital gen or (loss) Attach Schedule D if required, if not required, check $13.950 Other income from Schedule 1,10 Queifying Add anes 12, 20, 30, 40, 50, 60, . end 8. INS is your total income 10 Aansoe han Scher 1, 2 7 " 0 10

PLEASE HELP I NEED IT SOLVE ASAP PLEASE! WILL RATE! Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married joint. Assume that the employer portion of the self-employment tax on Jessie's income is $768. Joe and Jessie have summarized the income and expenses they expect to report this year as follows: Income: Joe's salary $144,900 Jessie's craft sales 18,480 Interest from certificate of deposit 1,730 Interest from Treasury bond funds 732 Interest from municipal bond funds 936 Expenditures: Federal income tax withheld from Joe's wages $ 13,700 State income tax withheld from Joe's wages 6,560 Social Security tax withheld from Joe's wages 7,514 Real estate taxes on residence 6,360 Automobile licenses (based on weight) 326 State sales tax paid 1,230 Home mortgage interest 26,800 Interest on Masterdebt credit card 2,460 Medical expenses (unreimbursed) 1,770 Joe's employee expenses (unreimbursed) 2,560 Cost of Jessie's craft supplies 5,140 Postage for mailing crafts 156 Travel and lodging for craft shows 2,310 Self-employment tax on Jessie's craft income 1,536 College tuition paid for Lizzie 5,940 Interest on loans to pay Lizzie's tuition 3,360 Lizzie's room and board at college 12,780 Cash contributions to the Red Cross 565 b. Complete page 1 of Form 1040 (through taxable income, line 15), Schedule 1, and Schedule A. (Round your intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2023 tax rules regardless of year on form.) Joe and Jessie does not wish to contribute to the Presidential Election Campaign fund or did not have any virtual currency transactions or interests. Joe and Jessie's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Joe: 111-11-1111 Jessie: 222-22-2222 Lizzie: 333-33-3333 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. ITIS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY Sa Qualified dividends 38 Ondary dividends Standard Deduction for 46 A distributions 4e Txable amount 45 Se Pensions and annu Se Taxable amount 16 6e Socal security benef Taxable amount 8 Single or Manding Capital gen or (loss) Attach Schedule D if required, if not required, check $13.950 Other income from Schedule 1,10 Queifying Add anes 12, 20, 30, 40, 50, 60, . end 8. INS is your total income 10 Aansoe han Scher 1, 2 7 " 0 10

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 23P

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