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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34- 5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) = 43,600.00 $ 2,488.00 Federal W/H (box 2) = Social security wages (box 3) = $ 43,600.00 $ 2,703.20 Social security W/H (box 4) = Medicare wages (box 5) = 43,600.00 $ 632.20 Medicare W/H (box 6) = Form 1099-INT for Marie shows this amount: Box 1 = $500.00 from A & D Bank. Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant.
Transcribed Image Text:Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34- 5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) = 43,600.00 $ 2,488.00 Federal W/H (box 2) = Social security wages (box 3) = $ 43,600.00 $ 2,703.20 Social security W/H (box 4) = Medicare wages (box 5) = 43,600.00 $ 632.20 Medicare W/H (box 6) = Form 1099-INT for Marie shows this amount: Box 1 = $500.00 from A & D Bank. Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant.
Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoln for 2020. She is entitled to a $2,000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign. Ms. Lincoln had qualifying health care coverage at all times during the tax year. (Input all the values as positive numbers. Do not skip rows, while entering in Dependents section of Form 1040 PG1.)
Transcribed Image Text:Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoln for 2020. She is entitled to a $2,000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign. Ms. Lincoln had qualifying health care coverage at all times during the tax year. (Input all the values as positive numbers. Do not skip rows, while entering in Dependents section of Form 1040 PG1.)
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