use 2019 tax forms FACTS: Wayne Fong (born 05/02/1980, SS #565-44-4444) is a doctor employed by UCSF.

use 2019 tax forms

 

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FACTS: Wayne Fong (born 05/02/1980, SS #565-44-4444) is a doctor employed by UCSF. He divorced his wife Theresa Fong (SS # 565-22-2222) on December 1, 2016. His daughter, Paula Fong was born 12/03/2002 (SS 565-44-3333). She is a freshman at SFSU and lives in the dormitories. It is her freshman year, but during the summer she is intending to live with Wayne. Paula earns $2000 from a part-time job, receives a $4000 scholarship, receives a loan of $3000, and uses $1000 of her own savings to support herself. Wayne provides support for her of an additional $2500 and Theresa provides support of $4000. In 2019, Wayne had higher gross income and AGI than Theresa. Wayne lived all year with his current girlfriend Yaofeng Huang (born 05/03/1994, SS # 565-88-8888) who is single and her daughter Dim Sum Huang (06/05/2013 SS 565-77-7777) from a prior marriage. They all live at 1600 Holloway Avenue, San Francisco, Ca. 941321600 Yaofeng earned a salary of $48,000 as a dental hygienist (see above). She also received a qualified dividend of $10,000 from IBM Corp (See above). Yaofeng contributed $10,000 of her income to a joint bank account with Wayne from which Wayne paid all the expenses for the upkeep of the household. Wayne contributed $50,000 to the joint account. Total expenditures this year were $60,000 including household expenses for the four of them of $30,000 per year. Dim Sum's total support was $8000 for the year which came out of the joint account. Dim Sum is blind. On 12/25/2019 Yaofeng and Wayne had another child, Chowfun (SS # 565-99-9999) who lived with them. All expenses for Chowfun are paid from the joint account. Wayne and Yaofeng have no agreement as to who claims Chowfun or Dim Sum as a dependent. Additional Income for Wayne: Interest Income Microsoft Bonds $12,132.00 Interest Income from City of Boise Bonds $4,000 Sold Exxon stock on 9/3/2019 2000 shares at a price of $39/share. Purchase on 01/05/2000 for $19/share. Sold a used 2015 Toyota Camry that Wayne purchased on 1/20/2019 for $15,000 and sold it on 6/1/2019 for $15,500. Wayne stole a laptop computer from UCSF which cost $3000 on 2/1/2017 and was worth $1,200 on 3/1/2019 the date he stole it. Wayne also had the following expenses Mortgage interest expense Real estate taxes Contribution to First Methodist Church Medical Insurance premiums paid for Yaofeng Medical Insurance premiums for Dim Sum 5 $13,400 $12,300 $5,000 $12,000 $4,000 FACTS: Wayne Fong (born 05/02/1980, SS #565-44-4444) is a doctor employed by UCSF. He divorced his wife Theresa Fong (SS # 565-22-2222) on December 1, 2016. His daughter, Paula Fong was born 12/03/2002 (SS 565-44-3333). She is a freshman at SFSU and lives in the dormitories. It is her freshman year, but during the summer she is intending to live with Wayne. Paula earns $2000 from a part-time job, receives a $4000 scholarship, receives a loan of $3000, and uses $1000 of her own savings to support herself. Wayne provides support for her of an additional $2500 and Theresa provides support of $4000. In 2019, Wayne had higher gross income and AGI than Theresa. Wayne lived all year with his current girlfriend Yaofeng Huang (born 05/03/1994, SS # 565-88-8888) who is single and her daughter Dim Sum Huang (06/05/2013 SS 565-77-7777) from a prior marriage. They all live at 1600 Holloway Avenue, San Francisco, Ca. 941321600 Yaofeng earned a salary of $48,000 as a dental hygienist (see above). She also received a qualified dividend of $10,000 from IBM Corp (See above). Yaofeng contributed $10,000 of her income to a joint bank account with Wayne from which Wayne paid all the expenses for the upkeep of the household. Wayne contributed $50,000 to the joint account. Total expenditures this year were $60,000 including household expenses for the four of them of $30,000 per year. Dim Sum's total support was $8000 for the year which came out of the joint account. Dim Sum is blind. On 12/25/2019 Yaofeng and Wayne had another child, Chowfun (SS # 565-99-9999) who lived with them. All expenses for Chowfun are paid from the joint account. Wayne and Yaofeng have no agreement as to who claims Chowfun or Dim Sum as a dependent. Additional Income for Wayne: Interest Income Microsoft Bonds $12,132.00 Interest Income from City of Boise Bonds $4,000 Sold Exxon stock on 9/3/2019 2000 shares at a price of $39/share. Purchase on 01/05/2000 for $19/share. Sold a used 2015 Toyota Camry that Wayne purchased on 1/20/2019 for $15,000 and sold it on 6/1/2019 for $15,500. Wayne stole a laptop computer from UCSF which cost $3000 on 2/1/2017 and was worth $1,200 on 3/1/2019 the date he stole it. Wayne also had the following expenses Mortgage interest expense Real estate taxes Contribution to First Methodist Church Medical Insurance premiums paid for Yaofeng Medical Insurance premiums for Dim Sum 5 $13,400 $12,300 $5,000 $12,000 $4,000

Answer rating: 100% (QA)

Answer One Waynes Gross Income is 130132 which includes 48000 from Yaofeng 12132 from Microsoft bonds 4000 from City of Boise bonds 20000 from the sal... View the full answer