Instruction: Please complete the qualified dividends and capital gain tax worksheet below: Alice Johnson, Social Security number

 

Instruction: Please complete the qualified dividends and capital gain tax worksheet below:

 

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Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: • Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. • Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. • Received $1,000 of interest income on bonds issued by the City of Tampa. Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV. • Alice's employer paid $2,000 of medical and health insurance premiums on her behalf. • Received $13,000 alimony from her ex-husband. They divorced on August 1, 2014. • State University provided $60,000 of group term life insurance. Alice is 42 old and is not a key employee. The table in the text is applicable. years • Received a $1,000 cash award from her employer for being designated the Secretary of the Year. • Total itemized deductions are $10,000. Complete Form 1040 and accompanying schedules for Alice Johnson's 2020 return. Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: • Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. • Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. • Received $1,000 of interest income on bonds issued by the City of Tampa. Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV. • Alice's employer paid $2,000 of medical and health insurance premiums on her behalf. • Received $13,000 alimony from her ex-husband. They divorced on August 1, 2014. • State University provided $60,000 of group term life insurance. Alice is 42 old and is not a key employee. The table in the text is applicable. years • Received a $1,000 cash award from her employer for being designated the Secretary of the Year. • Total itemized deductions are $10,000. Complete Form 1040 and accompanying schedules for Alice Johnson's 2020 return.

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