Question: Note: This problem is for the 2021 tax year. Need help figuring out what amount goes on line 16. I have input the correct amounts

Note: This problem is for the 2021 tax year. Need help figuring out what amount goes on line 16. I have input the correct amounts in that are needed. I just need the amount for line 16, or the formula to figure out line 16. the rest of the problems have been figured out. Also it is not any of the following amounts.

65000.00

7200.00

9960.00

8844.00

9476.00

Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth was born on July 4, 1975, and her Social Security number is 123-45-6785. She did not engage in any virtual currency transactions during the year, and she wants to contribute $3 to the Presidential Election Campaign Fund. Beth received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. The following information is shown on Beth's Wage and Tax Statement (Form W-2) for 2021. Line Description Amount 1 Wages, tips, other compensation $65,000.00 2 Federal income tax withheld 9,500.00 3 Social Security wages 65,000.00 4 Social Security tax withheld 4,030.00 5 Medicare wages and tips 65,000.00 6 Medicare tax withheld 942.50 15 State Arizona 16 State wages, tips, etc. 65,000.00 17 State income tax withheld 1,954.00 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099-INT. She received qualified dividends of $800 from Blue Corporation, $750 from Green Corporation, and $650 from Orange Corporation. Each corporation reported Beth's dividend payments on a Form 1099-DIV. Beth received a $1,100 income tax refund from the state of Arizona on April 29, 2021. On her 2020 Federal income tax return, she used the standard deduction. Fees earned from her part-time tax practice in 2021 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service. On February 8, 2021, Beth bought 500 shares of Gray Corporation common stock for $17.60 a share. On September 12, 2021, Beth sold the stock for $14 a share. On January 2, 2021, Beth acquired 100 shares of Blue Corporation common stock for $30 a share. She sold the stock on December 19, 2021, for $55 a share. Both stock transactions were reported to Beth on Form 1099-B; basis was not reported to the IRS. Beth bought a used sport utility vehicle for $6,000 on June 5, 2021. She purchased the vehicle from her brother-in-law, who was unemployed and was in need of cash. On November 2, 2021, she sold the vehicle to a friend for $6,500. During the year, Beth records revenues of $16,000 from the sale of a software program she developed. Beth incurred the following expenses in connection with her software development business. Cost of personal computer $7,000 Cost of printer 2,000 Furniture 3,000 Supplies 650 Fee paid to computer consultant 3,500 Beth elected to expense the maximum portion of the cost of the computer, printer, and furniture allowed under the provisions of 179. These items were placed in service on January 15, 2021, and used 100% in her business. Although her employer suggested that Beth attend an in-person conference on current developments in corporate taxation, Beth was not reimbursed for the travel expenses of $1,420 she incurred in attending the meeting. The $1,420 included $200 for the cost of meals. During the year, Beth paid $300 for prescription medicines and $2,875 for doctor bills and hospital bills. Medical insurance premiums were paid by her employer. Beth paid real property taxes of $1,766 on her home. Interest on her home mortgage (Valley National Bank) was $3,845, and credit card interest was $320. Beth contributed $2,080 in cash to various qualifying charities during the year. Professional dues and subscriptions totaled $350. Beth paid estimated taxes of $1,000. Required: Compute Beth Jordan's 2021 Federal income tax payable (or refund due), and complete her 2021 tax return using appropriate forms and schedules and the Qualified Dividends and Capital Gain Tax Worksheet. Make realistic assumptions about any missing data. If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers, unless instructed otherwise. It may be necessary to complete the tax schedules before completing Form 1040. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Use the 2021 Tax Rate Schedule provided. Do not use the Tax Tables. Complete Form 1040 for Beth Jordan for 2021.

Attach Sch. B if required.

1 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 65000
2a Tax-exempt interest . . 2a b Taxable interest . . . . . . . . . . 2b 1700
3a Qualified dividends . . . 3a 2200 b Ordinary dividends . . . . . . . . 3b 2200
4a IRA distributions . . . . . 4a b Taxable amount . . . . . . . . . . 4b
5a Pensions and annuities 5a b Taxable amount . . . . . . . . . . 5b

Standard Deduction for-

  • Single or Married filing separately, $12,550
  • Married filing jointly or Qualifying widow(er), $25,100
  • Head of household, $18,800
  • If you checked any box under Standard Deduction, see instructions.
6a Social security benefits 6a b Taxable amount . . . . . . . . . . 6b
7 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . 7 1200
8 Other income from Schedule 1, line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3050
9 Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income . . . . . . . . . . . . . . 9 73150
10 Adjustments to income from Schedule 1, line 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 216
11 Subtract line 10 from line 9. This is your adjusted gross income . . . . . . . . . . . . . . 11 72934
12a Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12a 12550
b Charitable contributions if you take the standard deduction (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12b 300
c Add lines 12a and 12b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12c 12850
13 Qualified business income deduction from Form 8995 or Form 8995-A . . . . . . . . . . . . . 13 567
14 Add lines 12c and 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 13417
15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- . . . . . . . . . . . . 15 59517

16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 . . 16 ????????????
17 Amount from Schedule 2, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
18 Add lines 16 and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
19 Nonrefundable 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 0
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 . . . . . . . . . . . . . . 23 431
24 Add lines 22 and 23. This is your total tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
25 Federal income tax withheld from: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a Form(s) W-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25a 9500
b Form(s) 1099 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25b
c Other forms (see instructions) . . . . . . . . . . . . . . . . . . . . . . 25c
d Add lines 25a through 25c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25d 9500
If you have a qualifying child, attach Sch. EIC. 26 2021 estimated tax payments and amount applied from 2020 return . . . . . . . . . . . . . . 26 1000
27a Earned income credit (EIC) . . . . . . . . . . . . . . . . . . . . . . . . . 27a
Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18, to claim the EIC. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Nontaxable combat pay election . . 27b
c Prior year (2019) earned income . . 27c
28 Refundable child tax credit or additional child tax credit from Schedule 8812 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
29 American opportunity credit from Form 8863, line 8 . . . . . . . . 29
30 Recovery rebate credit. See instructions . . . . . . . . . . . . . . . . 30
31 Amount from Schedule 3, line 15 . . . . . . . . . . . . . . . . . . . . . 31
32 Add lines 27a and 28 through 31. These are your total other payments and refundable credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
33 Add lines 25d, 26, and 32. These are your total payments . . . . . . . . . . . . . . . . . . . 33 10500

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