Question
In: Finance
in Xiang is single and lives at 2468 North Lake Road in Lakeland, MN 56444. Her...
in 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 (box 6) | = | $ | 631.35 |
On the weekends, Jin worked at Parts-Galore, a local auto parts store. The Form W-2 from Parts-Galore contained information in the following boxes:
| Wages (box 1) | = | $ | 9,167.02 |
| Federal W/H (box 2) | = | $ | 348.39 |
| Social security wages (box 3) | = | $ | 9,167.02 |
| Social security W/H (box 4) | = | $ | 568.36 |
| Medicare wages (box 5) | = | $ | 9,167.02 |
| Medicare W/H (box 6) | = | $ | 132.92 |
Jin also received a Form 1099-INT from Minnesota Savings and Loan. The amount of interest income in box 1 of the Form 1099-INT was $51.92. Jin had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Jin. (Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount.)
Use the appropriate Tax Tables.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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...
Rose is a single mother (whose child lives with her all year round and is her...
Rose is a single mother (whose child lives with her all year
round and is her dependent). She files her tax return as Head of
Household. Her 2020 income from wages is $475,650. She has “net
long-term capital gains” of $85,000. Total 2020 gross income is
$560,650. Rose is under 65 years of age and does not itemize her
deductions. What is Rose's total federal income tax? Show work.
A) $112,829
B) $123,344.
C) $138,644
D) $149,701
Christina is single with a 12 year old daughter who lives with her. She files her...
Christina is single with a 12 year old daughter who lives with
her. She files her tax return as Head of Household. Her 2019 income
from wages is $425,350. She has “net long-term capital gains” of
$100,000. Total 2019 gross income is $525,350. She is under 65
years of age and does not itemize her deductions. What is her total
federal income tax
North Lake currently has one In‐n-Out franchise. Daily demand for hamburgers in North Lake is given...
North Lake currently has one In‐n-Out franchise. Daily demand
for hamburgers in North Lake is given by Q=200-10P. All In-n-Out
franchises have costs of TC=50+3Q for producing Q
hamburgers.Suppose a second In‐n-Out opens, and the two stores
compete by choosing output sequentially, with the current owner
choosing first (Stackleberg). How will the equilibrium price for
hamburgers change if the new franchise were to open.
Juanita is getting ready to do her taxes. She is single and lives in San Francisco.
2. Taxes paid for a given income levelJuanita is getting ready to do her taxes. She is single and
lives in San Francisco. Juanita earned $100,000 in taxable income
in 2015. She reviews the following table, which shows the IRS tax
rates for a single taxpayer in 2015.On
Annual Taxable Income...The Tax Rate
Is...(Percent)Up to $9,22510.0From $9,225 to $37,45015.0From $37,450 to $90,75025.0From $90,750 to $189,30028.0From $189,300 to $411,50033.0From $411,500 to $413,20035.0Over $413,20039.6Based on the IRS table, Juanita calculates that her...
A community lives in a remote area next to a lake and they rely on the...
A community lives in a remote area next to a lake and they rely
on the fish in the lake for food. They are concerned that the fish
they are catching from the lake have been contaminated with
mercury. The lake has an area of 30,000 m2 and an
average depth of 10 m; it is fed by a river with flow 25
m3/s. Assume that 5% of the flow entering the lake is
lost to evaporation. Some mercury enters...
Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her...
Roberta Santos, age 41, is single and lives at 120 Sanborne
Avenue, Springfield, IL 60781. Her Social Security number is
123-45-6789. 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, an advertising executive, earned a salary from ABC...
"Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her...
"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 has never owned or
used any virtual currency. She does not want to contribute $3 to
the Presidential Election Campaign Fund....
Carmin Kovach is single and has two children from her previous marriage. Anika, 9, lives with...
Carmin Kovach is single and has two children from her previous
marriage. Anika, 9, lives with Carmin. Julius, 11, lives with his
father, Ray. Carmin pays alimony of $400 per month to Ray. The
payments are to continue until Julius reaches age 18, when they
will be reduced to $100. Carmin is 34 and employed as a nuclear
engineer with Atom Systems Consultants, Inc. (ASCI). Her annual
salary is $80,000, and ASCI has an extensive fringe benefits
program for its...
Carmin Kovach is single and has two children from her previous marriage. Anika, 9, lives with...
Carmin Kovach is single and has two children from her previous
marriage. Anika,
9, lives with Carmin. Julius, 11, lives with his father, Ray.
Carmin pays alimony of
$400 per month to Ray. The payments are to continue until Julius
reaches age 18,
when they will be reduced to $100.
Carmin is 34 and employed as a nuclear engineer with Atom
Systems Consultants,
Inc. (ASCI). Her annual salary is $80,000, and ASCI has an
extensive fringe
benefits program for its...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A 9.17% semiannual-pay corporate bond matures 15 August 2028 and makes coupon payments on 15 February...
- Contrast the current SSA (neoliberalism) with the post-war SSA (capital labor accord, or ‘golden age of...
- WHAT IS A CURRENCY PEG? HOW DOES IT AFFECT AFRICA AS A REGION?
- True or False 1.An association is a description of a group of links with common behaviors...
- You have a 1 ft radius dartboard placed in the middle of a 2 ft x...
- Day of week Write a program that asks the user for a date (year, then month,...
- Jaster Jets has $15 billion in total assets. Its balance sheet shows $1.5 billion in current...
ADVERTISEMENT