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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 2 years ago
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