I. Calculate tax due or refund for 2021 for Lark and Lorenzo Larson Based on the...

  

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I. Calculate tax due or refund for 2021 for Lark and Lorenzo Larson Based on the following information; Lark and Lorenzo file married joint. They have two year triplets; Lo lo, Locust and Logan. They paid the Mulberry Day School $20,000, to watch the triplets while they worked. Tax Payments: Withholding $30,000 Quarterly Payments $10,000 Overpayment from 2020 $5,000. 1. Salary Lark $60,000 2. Salary Lorenzo $100,000 3. Interest on State of Michigan bond $20,000 4. Alimony paid $50,000. The divorce was signed in 2012. 5. Long term capital gain $30,000 6. Lark found a ring worth $10,000, on the train. 7. Educator expenses $500 8. Treasury bond interest $30,000 9. Lorenzo received $20,000 from a lawsuit for a business issue 10.Qualified Sole proprietorship income $30,000 11. State income tax paid $20,000 12. Contribution to health savings account $1,000 13. Medical expenses $60,000 14. Lark received a $50,000 gift from her mother, Laurel 15.Lorenzo gave $5,000 to the Smith family who lost their home in a Tornado. 16. Qualified dividends $60,000 17. Self employment tax $10,000 18. Lorenzo inherited $100,000, from his great grandfather, Luther. 19. Real estate taxes $20,000 20. Mortgage interest $70,000. The $3,000,000 mortgage was signed in 2010. 21. Penalty for early withdrawal from a timed savings account $1,000 22. Child support paid $10,000 23. Lark's sister, Lina, repaid a $10,000 loan from 2017. 24. Lark won $20,000 in a baking contest. 25. Workman's compensation $10,000 26. Unemployment compensation $20,000 27. Lark won $30,000 in the Preakness. 28. Donation to the American Kidney foundation $30,000 29. Contribution to Individual retirement account $1,000 30. Lorenzo was the beneficiary of his late great grandmother's insurance policy. He received $20,000. I. Calculate tax due or refund for 2021 for Lark and Lorenzo Larson Based on the following information; Lark and Lorenzo file married joint. They have two year triplets; Lo lo, Locust and Logan. They paid the Mulberry Day School $20,000, to watch the triplets while they worked. Tax Payments: Withholding $30,000 Quarterly Payments $10,000 Overpayment from 2020 $5,000. 1. Salary Lark $60,000 2. Salary Lorenzo $100,000 3. Interest on State of Michigan bond $20,000 4. Alimony paid $50,000. The divorce was signed in 2012. 5. Long term capital gain $30,000 6. Lark found a ring worth $10,000, on the train. 7. Educator expenses $500 8. Treasury bond interest $30,000 9. Lorenzo received $20,000 from a lawsuit for a business issue 10.Qualified Sole proprietorship income $30,000 11. State income tax paid $20,000 12. Contribution to health savings account $1,000 13. Medical expenses $60,000 14. Lark received a $50,000 gift from her mother, Laurel 15.Lorenzo gave $5,000 to the Smith family who lost their home in a Tornado. 16. Qualified dividends $60,000 17. Self employment tax $10,000 18. Lorenzo inherited $100,000, from his great grandfather, Luther. 19. Real estate taxes $20,000 20. Mortgage interest $70,000. The $3,000,000 mortgage was signed in 2010. 21. Penalty for early withdrawal from a timed savings account $1,000 22. Child support paid $10,000 23. Lark's sister, Lina, repaid a $10,000 loan from 2017. 24. Lark won $20,000 in a baking contest. 25. Workman's compensation $10,000 26. Unemployment compensation $20,000 27. Lark won $30,000 in the Preakness. 28. Donation to the American Kidney foundation $30,000 29. Contribution to Individual retirement account $1,000 30. Lorenzo was the beneficiary of his late great grandmother's insurance policy. He received $20,000.

Answer rating: 100% (QA)

ANS WER The Lars ons will owe 1 000 in taxes for 2021 WORK ING 1 L ark s salary 60 000 2 Lorenzo s s... View the full answer