Prepare income tax return for 2011 manually.Following is a list of information for Peter and Amy Jones for the current tax year.Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jonesâ Social Security numbers and ages are as follows:Peter 111-11-1111 Age 32Amy 222-22-2222 Age 28Aubrynne 333-33-3333 Age 5Bryson 444-44-4444 Age 3Caden 555-55-5555 Age 1Peterâs salary $70,000Amyâs salary 32,000Interest income on municipal bonds 2,400Interest income on certificate of deposit (Universal Savings) 3,100Dividends on GM stock 1,600Eyeglasses and exam for Aubrynne $ 600Orthodontic work for Bryson to correct a congenital defect 2,500Medical insurance premiums, after tax basis 1,800Withholding for state income taxes 7,200Withholding for federal income taxes 16,000State income taxes paid with last yearâs tax return(paid when the return was filed in the current year) 500Property taxes on home 1,100Property taxes on automobile 300Interest on home 9,700Interest on credit cards 200Cash contribution to church 3,900In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2003 for $300.Compute Peter and Amyâs income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary.
papertowrite.com helps students cope with college assignments and write papers on a wide range of topics. We deal with academic writing, creative writing, and non-word assignments.