The Park family consists of the following:
Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarriedLeslie T. Park; age 16; SSN: 000-00-0000; daughter; high-school student; lives at home
Pertinent information:
Address: 132 Oakbrook Drive, Houston, Texas 77091The Parks do not want to contribute to the presidential election campaignJackie does not receive child support. She pays all of the household expenses including the upkeep of Leslie and Alex. Only Jackie can claim Leslie and Alex as dependents.Using the correct Tax Rate Schedule (Not to be confused with the IRS Tax Tables) calculate the tax payer’s Tax Liability
Jackie had the following earnings on her W-2:
Wages: $55,159Federal tax withheld: $7,460Social Security tax withheld: $3,420
Jackie had the following income (as shown on Form 1099) and expenses from her business:
Business Expenses:
Rent
7,200
Travel expenses
2,200
Advertising
2,345
Supplies
955
Office expenses
75
0
Telephone
720
Internet expense
540
Broker license
75
Legal and professional
1,000
Miscellaneous
150
Other tax data:
Texas State’s general sales tax deduction allowed is $924.Jackie received $610 of personal interest income from her bank.She donated $230 in cash to her church during the year.Real estate taxes paid on her personal residence were $1,980, and the mortgage interest paid to her bank in New York, NY on the primary residence for the year was $16,000.Medical expenses for the family were as follows:medical insurance premium $3,244payments for doctor’s visits $1,760$850 was paid for dentists$230 for prescription drugs
Assignment Guidelines
To prepare Jackie O. Park’s tax return without the aid of Tax preparation software, complete the following steps:
Ensure that you have an Adobe Reader http://get.adobe.com/reader/ installed on your computer to open and use the downloadable IRS forms.Determine which forms are necessary for Jackie O. Park’s tax return.Go to the IRS Web site and download the fill-in tax forms that you will need to complete: 1040, 1040 Schedule A, 1040 Schedule C and 1040 Schedule SE.Complete all necessary downloaded fill-in forms on the computer and save.
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