Steve Jackson (birthdate December 13, 1965) is a single taxpayer
living at 3215 Pacific Dr., Del Mar, CA 92014. His Social Security
number is 465-88-9415. In 2016, Steve's earnings and income tax
withholding as the manager of a local hotel are:
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Steve's other income includes interest from General Electric bonds of $2,550 and interest on a savings account at Wells Fargo Bank of $3,210. Also, Steve received tax-exempt interest of $29,420 on private activity bonds that is subject to alternative minimum tax. Steve had full medical coverage for the entire tax year.
During the year, Steve paid the following amounts (all of which
can be substantiated):
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Required:
Complete Steve's federal tax return for 2016. Use Form 1040, Schedule A, Schedule B, and Form 6251.
Make realistic assumptions about any missing data. If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers. If required, round any amounts to the nearest dollar.
CALCULATION OF TOTAL INCOME OF STEVE JACKSON
EARNINGS FROM OCEAN VIEW HOTEL 121,200
FADERAL INCONETAX WITHELD 18500
STATE INCOMETAX WITHELD 9300
INTEREST FROM GENERAL ELECTRIC BONDS 2550
INTEREST ON SAVING ACCOUNT 3210 TOTAL 154760
DEDUCTION :-
HOME MORTGAGE INTEREST 31600
AUTO INSURANCE 900
STATE INCOMETAX PAID 12500
KAISER HMO PREMIUM 4800
OTHER MDICAL EXPENSES 790
CPA FEES 7000 INTEREST ON SAVING BANK ACCOUNT 3210
CONTRIBUTION TO:-
GIRL SCOUT 800
SAN DIAGO STATE UNIVERSITY 10000
ITALIAN RED CROSS 250 TOTAL DEDUCTION 71850
INCOME CHARGEABLE TO TAX 82910
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