29 Jun Question INDIVIDUAL TAX RETURN PROBLEM 2
Question
INDIVIDUAL TAX RETURN PROBLEM 2
Required:
• Use the following information to complete Karl and Ellie Frederickson’s 2011 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.
• You may need the following forms to complete the project: Form 1040 and Schedule A. The forms, schedules, and instructions can be found at the IRS
Web site (www.irs.gov). The instructions can be helpful in completing the forms.
•An Excel spreadsheet with all your detailed calculations and narratives explaining how you arrived at your numbers are REQUIRED for this assignment.
Facts:
1. Karl Frederickson is employed as a human resources manager for Toys Unlimited, Inc., and Ellie is a financial planner for her mother’s company,Frederickson Investments, Inc., a full service wealth planning firm. They provide the following information:
• They both want to contribute to the presidential election campaign.
• They live at 9876 Fighting Irish Lane, South Bend, IN.
• Karl’s birthday is XXXXX and his Social Security number is XXXXX
• Ellie’s birthday is XXXXX and her Social Security number is XXXXX
• Karl or Ellie do not have any foreign bank accounts or trusts.
2. Karl received a Form W-2 from Toys Unlimited, Inc. that contained the following information:
• Line 1 Wages, tips, other compensation: $45,000
• Line 2 Federal income tax withheld: 7,500
• Line 3 Social Security wages: 45,000
• Line 4 Social Security tax withheld: 1,890
• Line 5 Medicare wages and tips: 45,000
• Line 6 Medicare tax withheld: 653
• Line 17 State income tax: 2,200
3. Ellie received a Form W-2 from Frederickson Investments, Inc. that contained the following information:
• Line 1 Wages, tips, other compensation: $85,000
• Line 2 Federal income tax withheld: 12,500
• Line 3 Social Security wages: 85,000
• Line 4 Social Security tax withheld: 3,570
• Line 5 Medicare wages and tips: 85,000
• Line 6 Medicare tax withheld: 1,233
• Line 17 State income tax: 4,200
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