Park Family Federal and Social Security Tax Withheld Case Scenario Scenario:
The Park family consists of the following:
Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarried
Leslie T. Park; age 16; SSN: 000-00-0000; daughter; high-school student; lives at home
Alex K. Park; age 12; SSN: NNN-NN-NNNN; son; middle-school student; lives at home
Pertinent information:
Address: 132 Oakbrook Drive, Houston, Texas 77091
The Parks do not want to contribute to the presidential election campaign
Jackie 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 payers Tax Liability
Jackie had the following earnings on her W-2:
Wages: $55,159
Federal tax withheld: $7,460
Social Security tax withheld: $3,420
Medicare tax withheld: $800
Other tax data:
Texas States 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 $3,244
payments for doctors visits $1,760
$850 was paid for dentists
$230 for prescription drugs
Using the proper tax rate schedule for her filing status, calculate Jackies tax liability.
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 and 1040 Schedule A.
Complete all necessary downloaded fill-in forms on the computer and save.
Save the completed forms as PDFs and upload for grading.
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