Week 7 Assignment for Tax Return #1 Introduction In this assignment, you will prepare the 2021 Tax Report for Dora and Hardy Knox. You will prepare the return in ProConnect and then answer the questions below in the text box. You will work in groups. Each student must submit this assignment individually. Directions Review the information below. Discuss in your group: What is the filing status? Do they have dependents? Do they have salary and wage income on a W-2? Do they own a business? Hardy and Dora Knox are married and file a joint return for 2021. Hardy's Social Security number is 466-47-3311 and her birthdate is January 4, 1977. Dora's Social Security number is 467-74-4451 and her birthday is July 7, 1976. They live at 143 Maple Street, Knoxville, TN 37932. For 2021, Hardy did not work, and Dora's W-2 from her teaching job is below. Hardy and Dora have a son named Fort (birthdate December 21, 2001, Social Security number 552-52-5552), who is a dependent living with them, is not a full-time student, and generates $5,200 of gross income for himself. Dora's W-2 from her teacher's job showed the following: a Employee's social security number 467-74-4451 OMB No. 1545-0008 Safe, accurate, FAST! Use IRS e ~ file Visit the IRS website at www.irs.gov/efileLinks to an external site. b Employer identification number (EIN) 33-0711111 1 Wages, tips, other compensation 51,323.14 2 Federal income tax withheld 3,085.55 c Employer's name, address, and ZIP code Knoxville Unified School District 1700 Harding Valley Street Knoxville, TN 37932 3 Social security wages 51,323.14 4 Social security tax withheld 3,182.03 5 Medicare wages and tips 51,323.14 6 Medicare tax withheld 744.19 7 Social security tips 8 Allocated tips d Control number 9 10 Dependent care benefits e Employee's first name and initial Last name Suff. Dora Knox 143 Maple Street Knoxville, TN 37932 11 Nonqualified plans 12a See instructions for box 12 13 Statutory employee Retirement plan Third-party sick pay Code | 12b 14 Other Code | 12c Code | 12d Code | f Employee's address and ZIP code 15 State TN Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name Form W-2 Wage and Tax Statement CopyTo Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. 2021 Department of the TreasuryInternal Revenue Service Required: Prepare the Knox's Form 1040 and the related schedules and forms. Disregard state income tax. Assume the taxpayers had full-year health coverage and neither taxpayer wants to contribute to the presidential election campaign. Answer the following questions (yellow) in the text box. Each question is worth 5 points each. What are the wages, salaries, tips, etc.? Did the Knox's have a qualifying dependent? What is the taxable income? Was there a tax refund or tax due? If so, what amount? Grading Criteria The response to the questions in yellow will be worth 5 points each for a total of 20 points. How to Submit To submit this assignment, click the Submit Assignment button at the top-right of the page. Submit responses to the questions in yellow above in the text box. Helpful Resource: Canvas Student Guide: How to Submit an AssignmentLinks to an external site.