Reference no: EM13335158
Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2011. Alfred and Beulah will file a joint return for 2012. Alfred's Social Security number is 111-11-1111. Beulah's Social Security number is 123-45-6789, and she adopted "Old" as her married name. They live at 211 Bricks tone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2010. 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 2012. In addition, in January 2010, 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 2012 is $150,000, and his employer, Cherry, Inc. (Federal I.D. No. 98-7654321), 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 following amounts were withheld for FICA taxes: $4624($110100 x 4.2%) for Social Security and $ 2175 ($150,000 x 1.45%) for Medicare. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federali.D. No. 11-1111111), as a public defender. She receives a salary of $40,000 in 2012. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The following amounts were withheld for FICA taxes: $1680 ($40,000 x 4.2%) for Social Security and $580 ($40,000 x 1.45%) for Medicare. Beulah has $2500 in qualified dividends on Yellow Corporation stock she inherited. Alfred and Beulah receive a $1,900 refund on their 2011 state income taxes. They itemized deductions on their 2011 Federal income tax return (total= $15,000). Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2012. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of$1,400 for which they maintain the receipts. Compute the Olds' net tax payable (or refund due) for 2012. If you use tax forms for your solution, you will need Form 1040 and Schedules A and B
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