Tax return 3 | Business & Finance homework help

 

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Jennifer V. Rooney

Jennifer  (DOB 11/21/75) (choose any social security number and address) maintains a household (and is the head of the household)for her four-year old daughter Karen  (SSN 625-44-8353). Jennifer received $15,000 of alimony and $16,000 of child support from her ex-husband during the current year. She also claims the dependency exemption for her daughter. She is unmarried (help: She does not file as Single) and is a computer programmer.

(All stock sales were made in the year of the tax return)

A. Interest  income from: 1) City of San Francisco Municipal Bonds $2,444

                                       2)California National Bank $6,874

B. Dividend Income – Growth Company, Inc. $2300

                             Hi-Tech Company, Inc. $5600

C. Stock Sales:              Date                 Date                   Sales
                                Purchased            Sold                   Price             Basis(cost)
                                                       (current year)

1,500 Shares Growth Co.   03/18/95        07/02               $15,200            $39,900
410 shares Nation’s Best    08/27/98        02/10                $7,500             $13,100
350 shares Large Co.        06/17/*           11/17                $78,600            $11,000

*Large CO. Stock was bought in the CURRENT year

D. Jennifer did not pay for child care during the year since her mother kept Karen without compensation. Jennifer also paid (once only) an $9000 estimated federal income tax payment on June 15 for the current year

E. Jennifer contributed $2,000 to an IRA for the current year.  She was not covered under a pension plan at work and therefore the contribution is fully deductible. Enter this IRA contribution.

F. The following W-2 was received from her employer:

    Company:   Expert Computer, Inc.

                    7700  Real Ave.

                    Los Altos, CA 94156

                     Salary: $100,000

    Federal Tax withheld: $19,490

    Social Security Tax withheld: $6,250

    Medicare Tax withheld: $1,400

G.  She donated 5,000 shares of Real Big Co. stock to St. Leo’s Church on 06/30 of the current year. She had purchased the stock on 04/05/89 for $500. The stock is publicly traded and the market quote on the day of the donation was $30,000. The donation was accepted by minister at the church’s address which is: 1001 32nd Ave., Memphis, TN 38101. The  Church’s TIN is 71-0096628. Prepare the appropriate tax form required when there is a donation of a stock.

She incurred the following un-reimbursed expenses which were related to her job:

Travel $7,145

Meals $1,000

The expenses are well substantiated.

In the current year she incurred the following personal expenses:

Home real estate taxes $14,015

Home mortgage interest $19,560

Medical expenses were $4,000

 

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