Could you please calculate the Tax Return of the attached file?

User Generated

unzzrq

Business Finance

Description

Note:

Roberta lives in Texas, which does not have a state income tax. She kept track of how much sales tax she paid.

Roberta is not supposed to have the Earned Income Credit because her investment income is too high

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Insert your four digit number here: 8961 Roberta Santos is 41 and single. She lives at 1402 Industrial Road, Carrizo Springs, TX 78834 Roberta's SSN: 123-31-XXXX Roberta's date of birth: 03/18/1976 Roberta maintains a home where her two children live. Elisa Boyde, Roberta's daughter SSN: 123-32-XXXX, DOB: 05/04/2011 Clyde Boyde, Roberta's son SSN: 123-33-XXXX, DOB: 09/16/2014 Roberta receives no child support from the children's father. No one else can claim Roberta as a dependent. Roberta purchased health insurance for herself and the two children through her employer. They had health insurance all year. Their insurance meets the ACA mandate. Texas does not have a state income tax. Roberta Santos had the following sources of cash in 2016: Salary: ABC Advertising EIN: 63-1234567 FIT Withheld The appropriate amounts of SS and Medicare were withheld from her salary Roberta is an advertising executive. Interest income: ¤ First Savings Bank ¤ General Electric Corporate Bonds ¤ City of Waco, TX bonds Dividend Income: ¤ Amber, Inc. ¤ Apple common stock All dividends are "qualified" dividends 67.200 11.400 15.200 9.100 5.400 7.700 11.200 Sale of Amber, Inc. common stock 12/01/2016 Roberta bought the stock on 07/02/2013 for $8,000 13.500 Alimony received from Wayne Santos, SSN 458-79-1234 16.000 Roberta won a prize in an internet contest and received a 1099 1.200 Expenditures in 2016 Day Care expenses to allow Roberta to work Funtime Academy EIN: 53-1234567 Funtime Academy is a for-profit day care located at 1200 Highway 83, Carrizo Springs, TX 78834 For Elisa For Clyde Charitable Contribution the American Red Cross Charitable Contribution First Church Contribution to Greg Abbott's reelection campaign for govenor. Paid a medical bill for her secretary who broke her ankle while at a University of Texas basketball game. Roberta felt sorry for her secretary. Mortgage interest paid on her personal residence. Property taxes paid on her personal residence. Ticket for parking in a fire zone. Court costs and legal fees spent fighting the ticket (unsuccessfully) Roberta maintained records of her sales taxes paid Roberta made quarterly estimated federal income tax payments. This is the amount each quarter 1.200 2.400 1.344 6.720 800 1.750 10.080 3.360 1.250 675 992 1.600
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Explanation & Answer

Attached.

Roberta Santos Personal Income Computation
Gross Income
Salary
Interest:
First Savings Bank
$ 15.200,00
General Electric Corporate Bonds
$ 9.100,00
City Waco, TX bonds
$ 5.400,00
Dividend Income:
Amber, Inc.
$ 7.700,00
Apple common stock
$ 11.200,00
Capital gain on Amber, Inc. common stock
Contest prize
Total Gross Income
Adjustments
Adjusted Gross Income (AGI)
Less Deductible Expenses
Charitable Contribution the American Red Cross
$
Mortgage interest paid on her personal residence.
$
Property taxes paid on her personal residence.
$
Roberta maintained records of her sales taxes paid
$
Taxable Income
Tax thereon
On taxable income of 100,624 (106,124 less capital gain of 5,500)
9,525*10%
$
29,175*12%
$
43,800*22%
$
18,124*24%
$
Total Tax
...


Anonymous
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