The following information relates to David and Mary Hopkins for tax year 2014. Use this information to
Question:
The following information relates to David and Mary Hopkins for tax year 2014. Use this information to provide answers to the questions. You will submit the ?answer page? only.
David (50) and Mary (49) are married and file a joint tax return. David is the office manager for an accounting firm and Mary is the manager of a restaurant in their town. David and Mary have 3 children: Kim (10), Karen (17) and Karl (25) who lived with them all year. Kim is in elementary school. Karen is a high school senior. Karl is in graduate school and commutes to classes. Karen earned $4,300 as a waitress and Karl earned $3,100 as a sailing instructor during the summer and $2,500 as a graduate research assistant during the regular school year. David and Mary furnish 60% of the support of David?s aunt, Ann, who lived alone in her own residence during the year. Ann provided the rest of her support from her non taxable Social Security benefits and $4,000 of interest from a City of Grand Rapids, MI bond. Ann passed away in April and David was the beneficiary on her life insurance policy and received $100,000 in life insurance proceeds on May 2nd. The Hopkins had the following income and expenses during the 2014 tax year:
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Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott