Reference no: EM13964593
Orthodontic work for Bryson to correct a congenital defect 2,500
Medical insurance premiums, after-tax basis 1,800
Withholding for state income taxes 7,200
Withholding for federal income taxes 16,000
State income taxes paid with last year's tax return (paid when the return was filed in the current year) 500
Property taxes on home 1,100
Property taxes on automobile 300
Interest on home 9,700
Interest on credit cards 200
Cash contribution to church 3,900
In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. stock to Lakeville Community College. Beta Trader, Inc. is publicly traded.
The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2003 for $300.
Compute Peter and Amy's income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary.
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