Question

In: Accounting

Tax Return Problem Alex Montgomery is single and lives at 3344 Bayview Drive, Richmond Hill, GA...

Tax Return Problem

Alex Montgomery is single and lives at 3344 Bayview Drive, Richmond Hill, GA 31324. His SSN is 412-34-5670. He recently graduated from the Savannah College of Art and Design and works as a video game developer. His Form W-2 contained the following information. For the year 2018 (please write steps)

Wages (box 1) = $ 61,011.30
Federal W/H (box 2) = $ 6,866.10
Social security wages (box 3) = $ 61,011.30
Social security W/H (box 4) = $ 3,782.70
Medicare wages (box 5) = $ 61,011.30
Medicare W/H (box 6) = $ 884.66

Alex had qualifying health care coverage at all times during the year. Prepare a Form 1040 for Alex. (Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount.)

Use the appropriate Tax Tables.

Form 1040 (2018) for a Single taxpayer with no dependents.

Solutions

Expert Solution

Wages

61011.30

Gross income

61011.30

Less: adjustments

0

AGI

61011.30

Less: standard deduction

12000

Taxable income

49011.30

Tax liability (4453.50+(22%*(49011.30-38700)))

6721.97

Federal income tax withholding

6866.10

Tax due (Refund)

$(144.13)


ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

Alex Montgomery is single and lives at 3344 Bayview Drive, Richmond Hill, GA 31324. His SSN...
Alex Montgomery is single and lives at 3344 Bayview Drive, Richmond Hill, GA 31324. His SSN is 412-34-5670. He recently graduated from the Savannah College of Art and Design and works as a video game developer. His Form W-2 contained the following information. Wages (box 1) = $ 61,011.30 Federal W/H (box 2) = $ 8,528.10 Social security wages (box 3) = $ 61,011.30 Social security W/H (box 4) = $ 3,782.70 Medicare wages (box 5) = $ 61,011.30 Medicare...
Tax Return Problem Jin Xiang is single and lives at 2468 North Lake Road in Lakeland,...
Tax Return Problem Jin Xiang is single and lives at 2468 North Lake Road in Lakeland, MN 56444. Her SSN is 412-34-5670. She worked the entire year for Lakeland Automotive. The Form W-2 from Lakeland contained information in the following boxes:          Wages (box 1) = $ 42,851.89 Federal W/H (box 2) = $ 4,583.91 Social security wages (box 3) = $ 42,851.89 Social security W/H (box 4) = $ 2,656.82 Medicare wages (box 5) = $ 42,851.89 Medicare W/H...
his problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives...
his problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta,...
Alex is resident of the UK for tax purposes. He lives in Australia and had $90,000...
Alex is resident of the UK for tax purposes. He lives in Australia and had $90,000 assessable income from Australian sources in 2019/2020. He does not have any allowable deductions. Required: a- What is Alex’s taxable income? b- Calculate Alex’s tax payable.
Matthew Flaws is a single taxpayer and lives at 5670 Sierra Drive, Honolulu, HI 96822. He...
Matthew Flaws is a single taxpayer and lives at 5670 Sierra Drive, Honolulu, HI 96822. He has income from a job as a marketing representative, interest income, dividend income, and stock investments. Some of his investments are in a mutual fund. His social security number is 412-34-5670. For the tax year 2017, Matthew had the following income information: Wages $ 118,000 Social security tax withholding 7,316 Medicare tax withholding 1,711 Federal income tax withholding 17,350 State income tax withholding 3,600...
Alternative Minimum Tax for Individuals Alex (age 35) is a single taxpayer with no dependents. During...
Alternative Minimum Tax for Individuals Alex (age 35) is a single taxpayer with no dependents. During 2018, Alex earned a salary of $610,000. He also had the following income and expenses:         Interest from State of New Hampshire bonds                 (private activity bond)                                       $63,700         Interest from Primco corporate bonds                         $26,000                Medical Expenses (all expenses were unreimbursed)                   $79,500             Home mortgage interest                                                             $13,500                         (the face value of the mortgage loan was $670,000)                                 State Income Taxes                                                                     $7,200            ...
Problem 11-37 (LO. 7) Alex, who is single, conducts an activity in 2019 that is classified...
Problem 11-37 (LO. 7) Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following revenues and expenses. Revenue $18,000 Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Depreciation 4,000 Without regard to this hobby, Alex's AGI is $42,000. Determine the amount of gross income that Alex must report and the amount of expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income:...
Problem 11-37 (LO. 7) Alex, who is single, conducts an activity in 2019 that is classified...
Problem 11-37 (LO. 7) Alex, who is single, conducts an activity in 2019 that is classified as a hobby. The activity produces the following revenues and expenses. Revenue $18,000 Property taxes 3,000 Materials and supplies 4,500 Utilities 2,000 Advertising 5,000 Insurance 750 Depreciation 4,000 Without regard to this hobby, Alex's AGI is $42,000. Determine the amount of gross income that Alex must report and the amount of expenses he is permitted to deduct. Assume Alex itemizes his deductions. Reportable income:...
Tax Return Problems – formerly Appendix C Individual Tax Return Problem 3 Required: • Use the...
Tax Return Problems – formerly Appendix C Individual Tax Return Problem 3 Required: • Use the following information to complete Rhonda Hill’s 2019 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. • The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Rhonda Hill (unmarried) is employed as an office manager at the main office of Carter...
Note: This problem is for the 2018 tax year. Beth R. Jordan lives at 2322 Skyview...
Note: This problem is for the 2018 tax year. Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT