Computation, "Alfred E. Old and Beulah A. Crane, each age 42, married on September 7,, Taxation

Computation, Taxation

Assignment Help:

"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. 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 Brickstone Drive, Atlanta, GA 30304.

Alfred was divorced from Sarah Old in March 2009. 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 2011. In addition, in January 2011, Alfred pays Sarah $50,000, which is designed as being for her share of the martial property. Also Alfred is responsible for all prior year''''s income taxes. Sarah''''s Social Security number is 123-45-6788.

Alfred''''s salary for 2011 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: $4,486 ($106,800 × 4.2%) for Social Security and $2,175 ($150,000 × 1,45%) for Medicare.

Beulah recently graduated from law school and its employed by Legal Aid Society, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives a salary of $40,000×4.2%) for Social Security and $580 ($40,000 × 1.45%) for Medicare.

Beulah has $2,500 in qualified dividends on Yellow Corporation stock she inherited. Alfred and Beulah receive a $1,900 refund on their 2010 state income taxes. They itemized deductions on their 2010 Federal income tax return (total = $15,000). Alfred and Beaulah pay $4,500 interest and $1,450 property taxes on their personal residence in taxes of $1,400 for which they maintain the receipts.

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages

Computation, Taxation

Related Discussions:- Computation

Determine the maximum cca , Lambda Ventures, an unincorporated business, ha...

Capital allowance, what is capital allowance

What is the standard deviation of return, A client of Investment Advisor As...

Determine the total income effect, Given the below facts, what is the total...

Deferred tax liability, Lehman Corporation purchased a machine on January 2...

Capital gains tax, Critically evaluate overseas experiences with this form....

Income tax fundamental 2014, gregory and lulu clifden tax problem pg D6 to ...

How much net income, Guay Corp a start up company provided services that we...

Beneficial for gencorps shareholders, In May 2003, Gencorp acquired Sequa C...

Service tax, Explain the Negative List of Services applicable w.e.f 1,july,...

Write Your Message!

Featured Services

Online Tutoring

Project Development

Exam Preparation

Course Help

Assignment Help

Popular Subjects

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT