Question: Using the facts from this problem, prepare a 2018 tax return (Form 1040, pages 1 and 2 AND Schedule A). Provide the following that would

Using the facts from this problem, prepare a 2018 tax return (Form 1040, pages 1 and 2 AND Schedule A).

(Form 1040, pages 1 and 2 AND Schedule A). Provide the following

Provide the following that would be reported on Lance and Wanda Dean's Form 1040. 1. Filing status and dependents: The taxpayers' filing status: Married filing jointly Qualifies as the taxpayers' dependent: Select "Yes" or "No". PennyYes Kyle: Yes 2. Calculate taxable gross income. $103100 3. Calculate the total adjustments for AGI. $5000 4. Calculate adjusted gross income. 98100 5. Calculate the greater of the standard deduction or itemized deductions. $24000 6. Calculate total taxable income. $74100 7. Calculate the income tax liability. $ 8511 8. Calculate the total tax credits available $2500 9 Calculate total withholding and tax payments $6300 10. Calculate the amount overpaid (refund): $289 11. Calculate the amount of taxes owed: Provide the following that would be reported on Lance and Wanda Dean's Schedule A 1. Calculate the deduction allowed for medical expenses. 2. Calculate the deduction for taxes $ 7800 3. Calculate the deduction for interest 6000 4. Calculate the charitable contribution deduction allowed. $ 3600 5. Calculate total itemized deductions. $17400

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

using the facts from the problem, prepare a 2018 tax return (Form 1040, pages 1 and 2 AND Schedule A). Note: This problem is for the 2018 tax year Lance H. and Wanda B. Dean are married and live at...

The instructions are as follows: using the facts from the problem, prepare a 2018 tax return (Form 1040, pages 1 and 2 AND Schedule A). Note: This problem is for the 2018 tax year Lance H. and Wanda...

Using the facts from the problem, prepare a 2018 tax return (Form 1040, pages 1 and 2 AND Schedule A). The total federal withholding is $7,300, NOT $8,300. Provide the following that would be...

Please do the following tax return using 2018 form 1040, schedule A and schedule B. Make sure to use new 2019 TCJA tax laws. I will leave 5 star review and rating. The instructions are as follows...

Tax Form/Return Prepartion Problem. prepare a 2018 Tax return(Form 1040, Schedules 1,A,B,C and SE) Disregard an tax credits. all the information is listed below. TAX FORM/RETURN PREPARATION PROBLEMS...

2018 tax return 2018 tax return ill, DIDII, UWS 100% of Watts, Inc. Wade and Catherine Chamberlain, friends of Pete, own Raleigh Corporation equally. Peter wants to know what the tax consequences...

In this project we are asked to complete a 2017 joint tax return for Gary and Jennifer Smith whose information is provided below. Most people today use tax return software to prepare their tax...

I need help working through this problem. Most of the work I have completed but I need help ensuring that my answers are correct before submitting the assignment. I have attached the problem...

Required information Comprehensive Problem 4-54 (LO 4-1, LO 4-2, LO 4-3) (The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this...

Beth Wild (SS# 114-48-1998) is a commercial attorney. Her date of birth is March 23, 1967. She resides at 1701 Central Park West, New York, N.Y., 10023. During the year, she had the following items:...

13. A Beer's law plot for K2Cr207 was experimentally obtained. Which graph represents a correct Beer's law plot? Conc Conc Conc Conc Submit Answer Tries 0/2 Abs Abs

A producer of industrial sanitizer makes two sizes: large and small. The product structure and information is presented below. Large Small Cap R-Container Sanitizer Cap H-Container (1) (1.5L) (1) (1)...

select all true statements Your portfolio has one asset with a beta of 3 and another with a beta of 1 . II you sold the asset with the beta of 1 and invested the proceeds in another asset that...

Skills necessary for success in marketing include Multiple select question. analytical thinking advertising industry experience infallibility ability to work with others

Youve recently become an acquaintance with Ahmed, an international exchange student from Saudi Arabia. At one point in an early conversation with Ahmed you ask, What would you like me to know about...

In keeping with #1, think about all the things you applied to your body today so that you do not smell like a human (think of all the products you used today to manipulate your smell). Toothpaste,...

What communication strategies do you use to reduce uncertainty when interacting with others?