David Miller (age 34, SSN 846-66-7922) and his wife, Emily Miller (age 33, SSN 234-...
70.2K
Verified Solution
Question
Accounting
David Miller (age 34, SSN 846-66-7922) and his wife, Emily Miller (age 33, SSN 234- 56-7891), reside at 293 E. Main Street in Sterling, MA, 01564 with their two children whom they fully support: Catherine (age 13, SSN 397-73-8399) and Michael (age 11, SSN 397-73-8566). During the year, Emily worked full-time as a customer service representative at a local bank and earned $37,600. Her employer withheld the following from her wages: Federal income tax $2,250.00 State income tax 1,124.60 Social security tax 2,331.20 Medicare tax 545.20 ROTH IRA contribution 5,500.00 David attended college full-time for 5 months and part-time (at least half time) for 7 months in pursuit of a bachelors degree in accounting. He attended the University of Massachusetts, which is located at 600 University Drive in Amherst, MA 01003. David received a tax-free scholarship that paid for most of his college expenses, however, he did pay $900 for tuition and fees. The college did not send David a Form 1098-T for these payments, however, he does have documentation to substantiate his expenditures. This will be the first year that David has claimed any education credits; he does not have any other degrees. The Millers had other income consisting of the following: Interest on CDs at Platinum Savings Bank $600 Municipal bond interest (state of MA) $2,000 Qualified
-------------------------------------------------
Based on the information above, please answer the questions below. I would like to double check and compare with my answers. Sorry for uploading too many questions at once. Thank you.
Taxpayer name (as it will appear on Form 1040) | ||
Taxpayer social security number (as it will appear on Form 1040) | ||
Spouse's name (as it will appear on Form 1040) | ||
Spouse's social security number (as it will appear on Form 1040) | ||
How many qualifying dependents do the taxpayers have? | ||
Which filing status should the taxpayers use? | ||
What is the amount of wages that the taxpayers should report on Form 1040? | ||
What is the amount of taxable interest that the taxpayers should report on Form 1040? | ||
What is the amount of tax-exempt interest that the taxpayers should report on Form 1040? | ||
What is the amount of qualified dividends that the taxpayers should report on Form 1040? | ||
What is the tax rate that should be applied to those qualified dividends? | ||
What is the amount of the AGI? | ||
What is the amount of the basic standard deduction? | ||
What is the amount of the additional standard deduction? | ||
What is the amount of taxable income that the taxpayers have? | ||
What is their tax liability? |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.