John and Susan Warner are married and filing a joint tax return for 2023. John...

90.2K

Verified Solution

Question

Accounting

John and Susan Warner are married and filing a joint tax return for 2023. John and Sue Warner earned salaries this year of $65,200 and
$19,200, respectively. In addition to their salaries, they received interest of $374 from municipal bonds and $1,100 from corporate bonds.
John contributed $3,100 to a traditional individual retirement account, and John paid alimony to a prior spouse in the amount of $2,100
(under a divorce decree effective June 1,2006). John and Susan have a 10-year-old adopted son, Mason, who lived with them throughout the
entire year. Thus, John and Susan are allowed to claim a $2,000 child tax credit for Mason. John and Susan paid $7,200 of expenditures that
qualify as itemized deductions, and they had a total of $3,076 in federal income taxes withheld from their paychecks during the year. Use the
attached Form 1040 and Schedule 1 to answer the following questions?
a. What number goes on line 1a and 1z of the 1040? $84,400
b. What number goes on line 2 b of the 1040? $1,100
c. What number goes on line 9 of the 1040(what is the gross income)? $85,500
d. What number goes on line 10 of the 1040 and line 26 of the Schedule 1? $5,200
e. What number goes on line 11 of the 1040(what is the adjusted gross income)? $80,300
f. What number goes on line 12 of the 1040? Blank 6
g. What number goes on line 15 of the 1040(taxable income)? Blank 7
h. What number goes on line 16 of the 1040(tax liability)? Blank 8
i. What number goes on line 19 of the 1040? Blank 9
j. What number goes on line 22 and 24 of the 1040? Blank 10
k. What number goes on line 25a,25d, and 33 of the 1040? Blank 11
I. What number goes on line 37 of the 1040? Blank 12
image

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students