Income Tax Accounting

Please Complete the following five problems with the required income tax return forms.

PROBLEM 1: FEDERAL INDIVIDUAL INCOME TAX RETURN

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INSTRUCTIONS:

Please complete the required federal individual income tax return forms for Helen Franklin for tax year 2019. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.

Helen Franklin, age 47 (SS# 435-64-7742) currently lives at 990 Long View Drive; Biloxi, MS 76440. Helen is employed as an Accountant with Long Beach Economic Development Office, 220 Central Street, Long Beach, MS 74330.

PROBLEM 2: FEDERAL INDIVIDUAL INCOME TAX RETURN

INSTRUCTIONS:

Please complete the required federal individual income tax return forms for Milton White and Janice White for tax year 2019. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.

Milton White, age 60 (SS# 547-52-7244) and Janice White, age 40 (SS# 453-44-6359) currently live at 3400 Lake Shore Drive, Midway, Texas 77543. Milton is employed as Director of Financial Accounting at Midway City Hall, Midway, Texas 77543. Janice is employed as a Math Teacher at Midway High School, 1322 Water Crest Drive, Midway, Texas 77543.

Milton’s W-2 reports $63,800, Federal Taxes withheld $10,700, FICA Taxes withheld $4,200.

Janice’s W-2 reports $32,500, Federal Taxes withheld $3,190, FICA Taxes withheld $2,486.

Prepare the taxpayers Federal Individual Income Tax Return for the tax year.

PROBLEM 3: FEDERAL INDIVIDUAL INCOME TAX RETURN

INSTRUCTIONS:

Please complete the required federal individual income tax return forms for Linda Green for tax year 2019. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.

Linda Green, age 30 (SS# 524-55-7635) currently lives at 700 Flora Street, Phoenix, Arizona 93422. Linda is employed as a Registered Nurse at Northside Medical Center, Phoenix, Arizona 93422.

Linda’s W-2 reports $46,800, Federal Taxes withheld $5,250, FICA Taxes withheld $3,420

Linda had one son, Freddie Green (439-22-3475) age 7 who lives with her and she provides more than half of Freddie’s support.

Prepare Linda Green Federal Individual Income Tax Return for the tax year.

Helen’s W-2 reports $64,750, Federal Taxes withheld 7,975, FICA Taxes withheld $4,953.

Prepare Helen Franklin Federal Individual Tax Return for the tax year.

PROBLEM 4: FEDERAL INDIVIDUAL INCOME TAX RETURN

INSTRUCTIONS:

Please complete the required federal individual income tax return forms for Taylor Smith and Marilyn Smith for tax year 2019. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.

Taylor Smith, age 32 (SS# 366-46-6765) and Marilyn Smith, age 28 (335-54-0567) currently lives at 500 Pleasant Hill Drive, Atlanta, GA 39980. Taylor is employed as at Marco Pizza, 150 Coles Lane, Atlanta, GA 39433. Taylor and Marilyn divorced on December 18, 2019 and have divided the house in half until Taylor moves out.

Taylor’s W-2 reports $16,800, Federal Taxes Withheld $2,175, FICA Taxes $1,285.

PROBLEM 5: FEDERAL INDIVIDUAL INCOME TAX RETURN

INSTRUCTIONS:

Please complete the required federal individual income tax return forms for Taylor Smith and Marilyn Smith for tax year 2019. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.

Taylor Smith, age 33 (SS# 366-46-6765) and Marilyn Smith, age 29 (335-54-0567) remarried and currently lives at 500 Pleasant Hill Drive, Atlanta, GA 39980. Taylor is employed as at the State Department of Revenue, 520 Spring Valley Avenue, Atlanta, GA 95540. Marilyn is employed at Georgia State STEM Research Division, 1000 Market Place, Atlanta, GA 93455.

Taylor’s W-2 reports $49,000, Federal Taxes Withheld $9,375, FICA Taxes $3,749.

Marilyn’s W-2 reports $47,600, Federal Taxes Withheld $7,825, FICA Taxes $3,641.

They have two children, Carolyn age 3 (SS# 354-22-4267) and Bryant age 5 (SS# 365-26-4337).

They received a statement from Health and Learning Daycare Center, 400 Farmers Drive, Atlanta, GA 39805 for the amount paid during the tax year, $6300.

Prepare the taxpayers Federal Individual Tax Return for the tax year 2019.

Prepare the taxpayers Federal Individual Income Tax Return for the tax year. For more information on Income Tax Accounting see this: https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/taxation/income-tax

Income Tax Accounting

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