Your clients, Robert and Marilyn Monroe are married with 2 children, Johnny and Elizabeth. Marilyn provides you
Question:
Your clients, Robert and Marilyn Monroe are married with 2 children, Johnny and Elizabeth.
Marilyn provides you with the following information regarding income, expenses, and withholding for the year. She is unsure which of these items must be used to calculate taxable income.
Robert M. Monroe | SS: 651-87-8523 | Age: 66 | Date of Birth: 10/23/1953 |
Marilyn L. Monroe | SS: 123-45-6789 | Age: 40 | Date of Birth: 3/15/1979 |
Johnny K. Monroe | SS: 231-98-5869 | Age: 20 | Date of Birth: 6/30/2000 |
Elizabeth K. Monroe | SS: 563-45-6958 | Age: 12 | Date of Birth: 8/31/2007 |
Clients DO NOT want to contribute money to the Presidential Election Campaign | |||
Taxpayer Address: 1234 Sierra College Blvd., Rocklin, CA 95677 |
2019 Tax Information | |
Marilyn-salary (IT Supervisor) W2 information | $57,000 |
Robert-Social Security received and no tax withheld, Form SSA 1099 box 5 | 24,000 |
Interest Income from Sierra Bank-FORM 1099-INT | 1,550 |
HP stock sales, reported from Charles Schwab FORM 1099-B (do not need to use Box 8A on Schedule D, DO NOT USE FORM 8949 | 65,000 |
Childcare for Elizabeth in 2019 | 3,600 |
2019 Unemployment for 3 months, no tax withheld | 5,400 |
Federal Income Tax Withheld on W2 | 6,840 |
Childcare Provider: Happy Days, Inc. 1640 Roseville Parkway, Roseville, CA 95661 (916) 123-4567 Rose Alda SS # 587-62-4587 | |
Sold 1,000 shares of HP stock for $65,000 (broker charges $0 commissions) ON 6/13/2009. Original #1,000 shares purchased 1/27/2010 for $70/share. The following may be items that you will need.
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Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella