Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8....

  

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Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A, Thomas and Mary (Your last name) are married with 3 children, ages 14, 11, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary Income Tax withheld 12,400, State Income Tax withheld 4,850 $155,000 (Federal Interest on GMAC Bonds Interest on City of New Orleans Bonds Interest on FNB savings account Berlinco, Inc. (a foreign corporation) (nonqualified dividend) Interest on Nebraska Bonds 1,800 1,300 600 100 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share. Rental Income (No personal Use) Rental Expenses 35,000 Insurance 1,548 Repairs and Maintenance Mortgage Interest Property Taxes Depreciation Expense 7,878 8,586 3,890 12,878 Consulting Income (Thomas's Income) Travel Meals & Entertainment Conferences Office Expenses Payroll Tax Expense Wages for Office Assistance 94,000 Expenses: 10,500 3,000 1,500 7,500 1,498 28,000 Thomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. Itemized deductions: Unreimbursed medical expenses: Medical insurance premiums Prescription drugs Dentist $ 4500 250 950 1,875 120 Emergency room fee Cold pills, aspirin, other over-the-counter medicine Rental fee for crutches 80 $ 2,600 785 150 Real estate taxes Ad valorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cashi Charitable contributions - clothes (Original Cost 1,000, FMV $300) Tax preparation fee for 2019 return, paid in 2020 Unreimbursed business expenses 12,800 00 8,350 300 888 Compute the adjusted gross income, taxable income, and tax liability using actual IRS tax forms for 2020.+ Ignore any credits. I am expecting the following forms to be completed: B, C, D, E, and SE. 1040 (thru line 78), Schedules A,

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