Prepare the following 2020 Federal Income Tax return. The couple will file a joint return. The wife
Question:
Prepare the following 2020 Federal Income Tax return. The couple will file a joint return. The wife is not employed outside of the home. Prepare the 1040 and all supporting schedules. Note: Using any other tax year’s program will result in deduction for every calc that is different for the two years – don’t go there…
Names: Taxpayer first name = Bubba
Spouse first name = Suzie
Last name =_________(your last name)
Address: 432 Comfy Street
Dallas, TX 75001
Social Security Numbers: Husband Make one up – do not use your social security number.
Wife Make one up – do not use your social security number.
Date of Birth (DOB): Husband DOB 02/12/1987
Wife DOB 04/28/1989
Dependent Children: Daughter - June DOB 6/13/2013 SS# You make up.
Son - August DOB 8/30/2019 SS# You make up.
W-2 Information – Husband
Husband’s Employer- Super Soup & Salad EIN# 22-3334444
123 Great Street, Austin, TX 73301
Wages, Tips, Other Compensation $ 76,500.00
Federal Income Tax Withheld $5038
Social Security Wages $ 76,500.00
Social Security Tax Withheld $ 4,743.00
Medicare Wages $ 76,500.00
Medicare Tax Withheld $ 1,109.25
State Wages $ 76,500.00
State Income Tax Withheld $ 3,050.00
Taxpayers do not have sufficient deductions to itemize.
Interest Income (investments owned jointly by both spouses):
Interest Income Amount $ 7,222.00
Interest Income Payer: Prosperity Bank
Taxable Cash Dividends (investments owned jointly by both spouses):
Dividend Amount $2794 (Qualifying Dividends too)
Payer Creative Corporation
If there is a balance due – no need to calculate underpayment penalties, but if tax prep program adds it automatically, that is fine.
Expert Answer:
The couple will file a joint return The wife is not employed outside of the home Prepare the 1040 an... View the full answer
