80.2K

Verified Solution

Link Copied!

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788 Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal ID No. 987654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $ 24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes Beulah recently graduated from low school and is employed by Legal Aid Society, Inc. (Federal D. No. 111111111), a public defender She receives a salary of $42,000 in 2019. Her employer withheld $7.500 for Federal income taxes and $2.400 for state income taxes. The proper amounts were withheld for FICA taxes Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1.900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1.450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the racainte math cossen had health insurance for all ofania and that do not wantincantatatatathe Dracinantial Election Instructions income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal ID. No. 11-1111111), as a public defender She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and Schedule 1 to complete this tax return It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers If an amount box does not require an entry or the answer is zero, enter"O". Make realistic assumptions about any missing data When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables. Form 1040 Department of the Treasury - Internal Revenue Service (99) U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Last name Your first name and middle initial Alfred E. Old Your social security number 111-11-1109 Last name If joint return, spouse's first name and middle initial Beulah A. Old Spouse's social security number 123 45-6780 Apt. no. Home address (number and street). If you have a P.O. box, see instructions 211 Brickstone Drive Presidential Election Campaign Check here if you, or your spouse if filing jointly, want 53 to go to this fund. Checking a box below will not change your tax or refund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Atlanta, GA 30304 Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see GA 30 refund. Foreign country name Foreign province/state/county Foreign postal code If more than four depender instructions and here Standard Deduction Someone can claim: Age/Blindness You: Spouse: (2) Social security number (3) Relationship to you Dependents (see instructions): (1) First name Last name (4) Vif qualifies for (see instructions) Child tax credit Credit for other depend DO D . 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 EXHIBIT 4.3 Uniform Premiums for $1,000 of Group Term Life Insurance Protection Attained Age on Last Day of Employee's Tax Year Cost per $1,000 of Protection for One-Month Period Under 25 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70 and above "Reg. 5 1.79-3, effective for coverage after June 30, 1999. $ 0.05 0.06 0.08 0.09 0.10 0.15 0.23 0.43 0.66 1.27 2.06 Instructions Note: This problem is for the 2019 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal 1.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal ID No. 11-1111111), as a public Instructions income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes, Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal LD. No. 11-1111111), as a public defender She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and schedule to complete this tax return . It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter"0" Make realistic assumptions about any missing data. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788 Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal ID No. 987654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $ 24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes Beulah recently graduated from low school and is employed by Legal Aid Society, Inc. (Federal D. No. 111111111), a public defender She receives a salary of $42,000 in 2019. Her employer withheld $7.500 for Federal income taxes and $2.400 for state income taxes. The proper amounts were withheld for FICA taxes Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1.900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1.450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the racainte math cossen had health insurance for all ofania and that do not wantincantatatatathe Dracinantial Election Instructions income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal ID. No. 11-1111111), as a public defender She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and Schedule 1 to complete this tax return It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers If an amount box does not require an entry or the answer is zero, enter"O". Make realistic assumptions about any missing data When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables. Form 1040 Department of the Treasury - Internal Revenue Service (99) U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Last name Your first name and middle initial Alfred E. Old Your social security number 111-11-1109 Last name If joint return, spouse's first name and middle initial Beulah A. Old Spouse's social security number 123 45-6780 Apt. no. Home address (number and street). If you have a P.O. box, see instructions 211 Brickstone Drive Presidential Election Campaign Check here if you, or your spouse if filing jointly, want 53 to go to this fund. Checking a box below will not change your tax or refund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Atlanta, GA 30304 Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see GA 30 refund. Foreign country name Foreign province/state/county Foreign postal code If more than four depender instructions and here Standard Deduction Someone can claim: Age/Blindness You: Spouse: (2) Social security number (3) Relationship to you Dependents (see instructions): (1) First name Last name (4) Vif qualifies for (see instructions) Child tax credit Credit for other depend DO D . 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 EXHIBIT 4.3 Uniform Premiums for $1,000 of Group Term Life Insurance Protection Attained Age on Last Day of Employee's Tax Year Cost per $1,000 of Protection for One-Month Period Under 25 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70 and above "Reg. 5 1.79-3, effective for coverage after June 30, 1999. $ 0.05 0.06 0.08 0.09 0.10 0.15 0.23 0.43 0.66 1.27 2.06 Instructions Note: This problem is for the 2019 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304 Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal 1.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal ID No. 11-1111111), as a public Instructions income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes, Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal LD. No. 11-1111111), as a public defender She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and schedule to complete this tax return . It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter"0" Make realistic assumptions about any missing data. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables

Answer & Explanation Solved by verified expert

See Answer