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Assignment
Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones' Social Security numbers and ages are as follows:
TAX FORM/RETURN PREPARATION PROBLEMS
S.S. No.
Age
Peter
111-11-1111
32
Amy
222-22-2222
28
Aubrynne
333-33-3333
5
Bryson
444-44-4444
3
Caden
555-55-5555
1
Receipts
Peter's salary
$70,000
Amy's salary
32,000
Interest income on municipal bonds
2,400
Interest income on certificate of deposit (Universal Savings)
3,100
Dividends on GM stock
1,600
Disbursements
Eyeglasses and exam for Aubrynne
$ 600
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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