I need help with answering these questions about this assignment on Personal Finance:

Facts: Assume you are single with no dependents, and that your 2022 gross income from your employer was $56,000 plus a $2,800 bonus. Assume you contributed 15% of your pretax income to your employer's 401k plan. Thus, your earned income is $49,980. You also had $500 of taxable interest income. Your employer has already withheld from your paychecks $5,700 in federal withholding taxes. You are single and have no other dependents other than yourself. Calculate what your total federal income tax obligation would have been for the year 2022.

Detailed Instructions:

Complete the tax return to calculate your total federal tax obligation. Follow the instructions on the form. Simplified instructions are included below, but it is best to understand the whole form.

Step 1: Complete the tax return assuming you are single, have no dependents, nobody else can claim you as a dependent, were born after 1958, are not blind, and didn't own digital assets.

Step 2: Enter your earned income on line 1a. See the Facts above for the amount of earned income.

Step 3: Enter your taxable interest on line 2b. See the Facts above for the amount of taxable interest.

Step 4: Calculate your "total income" and "adjusted gross income" on lines 9 and 11.

Step 5: Assuming you are single and no one else claims you as a dependent, enter your standard deduction on line 12. Amount of standard deduction provided on form 1040.

Step 6: Calculate your "taxable income" on line 15.

Step 7: Calculate your tax on line 16 and also enter that amount on line 24 (lines 17 through 23 are not relevant for this simplified scenario). You will need to use the 2021 tax table found in the following document (make sure to use the correct table). (https://www.irs.gov/pub/irs-pdf/i1040tt.pdf).

Step 8: Enter the amount your employer has already withheld from your paychecks on lines 25a, 25d, and 33. Again the other lines in between are not relevant to this simplified scenario.

Step 9: Calculate whether you are entitled to a "refund" or you "owe" additional taxes. Enter the amount in the appropriate space.

(PART 2: Answer the following questions on this form.)

Enter your total GROSS income (all the money you made) ________

Calculate and subtract each of the following annual deductions separately. Use the Social Security and Medicare rates from chapter 14 of the textbook.

1. Social Security: (your share of earned income only) ________
2. Medicare: (your share of earned income only) ________
3. CASDI (1.0% of earned income) CA State Disability Ins. ________
4. Federal income tax 2022: As you calculated on Form 1040 ________
5. State income or sales taxes due: Enter $2,500 ________
6. $200 per month for medical insurance (your contribution) ________
7. Savings & Investment of 15% of EARNED income ________
8. Subtract lines 1-7 from your gross income to get your total annual disposable income. ________
9. Divide line 8 by 12 to get your monthly disposable income. ________

Using the guideline percentages below, calculate the "MONTHLY" $ amount of

each expense.

Housing (35%) _____

Food (15%) _____

Utilities (5%) _____

Transportation (10%) _____

Debt repayment (10%) _____

Clothing (5%) _____

Entertainment (10%) _____

Misc. (10%) _____

Savings of 15% are already included above.

I also need help completing ThisForm 1040 from:

$1040 Department of the Treasury- Internal Revenue Service U.S. Individual Income Tax Return 2022 OMB No. 1545-0074 |IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying surviving Check only spouse (QSS one box. If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child's name if the qualifying person is a child but not your dependent: Your first name and middle initial Last name Your social security number if joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/state/county Foreign postal code | your tax or refund. You Spouse Digital At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, Assets exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1958 Are blind Spouse: Was born before January 2, 1958 ) Is blind Dependents (see instructions) (2) Social security 3) Relationship (4) Check the box if qualifies for (see instructions): (1) First name Last name number to you If more Child tax credit Credit for other dependents than four dependents, see instructions and check here Income a Total amount from Form(s) W-2, box 1 (see instructions) 1a b Household employee wages not reported on Form(s) W-2 . 1b Attach Form(s) W-2 here. Also Tip income not reported on line 1a (see instructions) 1c attach Forms d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) 1d W-2G and e Taxable dependent care benefits from Form 2441, line 26 le 1099-R if tax f Employer-provided adoption benefits from Form 8839, line 29 if was withheld If you did not g Wages from Form 8919, line 6 . 19 get a Form h Other earned income (see instructions) 1h W-2, see instructions. Nontaxable combat pay election (see instructions) z Add lines 1a through 1h 1z Attach Sch. B Tax-exempt interest . b Taxable interest 2b f required. 3a Qualified dividends 3a b Ordinary dividends 3b IRA distributions 4a b Taxable amount . 4b Standard ja Pensions and annuities . 5a b Taxable amount . 5b Deduction for- Social security benefits . 6a b Taxable amount . 6b Single or Married filing If you elect to use the lump-sum election method, check here (see instructions) separately $12,950 Capital gain or (loss). Attach Schedule D if required. If not required, check here 7 . Married filing Other income from Schedule 1, line 10 . 8 jointly or 1 00 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income 9 Qualifying surviving spouse, 10 Adjustments to income from Schedule 1, line 26 10 $25,900 Head of 11 Subtract line 10 from line 9. This is your adjusted gross income 11 household $19,400 Standard deduction or itemized deductions (from Schedule A) 12 If you checked 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 any box under Standard 14 Add lines 12 and 13 . 14 Reduction. 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income 15 see instructions. For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2022)Form 1040 (2022) Page 2 Tax and 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 16 Credits 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 Child tax credit or credit for other dependents from Schedule 8812 19 20 Amount from Schedule 3, line 8 20 21 Add lines 19 and 20 . . 21 22 Subtract line 21 from line 18. If zero or less, enter -0- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 21 23 24 Add lines 22 and 23. This is your total tax 24 Payments 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b C Other forms (see instructions) 25c d Add lines 25a through 25c 25d If you have a 26 2022 estimated tax payments and amount applied from 2021 return . 26 qualifying child, 27 Earned income credit (EIC) . 27 attach Sch. EIC. 28 Additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8 . 29 30 Reserved for future use . 30 31 Amount from Schedule 3, line 15 . 31 32 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits 32 Add lines 25d, 26, and 32. These are your total payments 33 34 Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 35a Direct deposit? b Routing number c Type: Checking Savings See instructions. d Account number 36 Amount of line 34 you want applied to your 2023 estimated tax . 36 Amount 37 Subtract line 33 from line 24. This is the amount you owe You Owe For details on how to pay, go to www.irs.gov/Payments or see instructions 37 38 Estimated tax penalty (see instructions) 38 Third Party Do you want to allow another person to discuss this return with the IRS? See Designee Instructions Yes. Complete below. No Designee's Phone Personal identification name no. lumber (PIN) Sign Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Here Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records (see inst.) Phone no. Email address Preparer's name Preparer's signature Date PTIN Check if: Paid Self-employed Preparer Use Only Firm's name Phone no Firm's address Firm's EIN Go to www.irs.gov/Form1040 for instructions and the latest information. Form 1040 (2022)