Assignment 1: Form 1040EZ

Facts:
The taxpayer is:
Sally Student
123 Maple Street
Cincinnati, Ohio 44000
Social Security No. 123-45-6789
Sally is a 20-year old college student, but also does some side work part time to help pay for college. She attends college full time, and works part time. She is claimed by her parents as a dependent, who provided over half her support. For 20XX, she had the following

W-2 Information
Gross wages income:          $13,164
Interest income                      $132
Federal Withholding             $921

To do:
Go the IRS website and get a Form 1040EZ and instructions. Use these, with the facts above, to prepare a Form 1040EZ for Sally for the most recent year for which there is a form (this is almost always the year prior to the present year). Remember to consider both the standard deduction and the personal exemption, if any.

Assignment 2: Form 1040 Problem

Facts:
The taxpayer is:
Sally Student
123 Maple Street
Cincinnati, Ohio 44000

Social Security No. 123-45-6789

Sally is a 30-year old single person. She is an accountant and also works a side weekend job in an art gallery. She is not claimed as a dependent by anyone else. For 20XX, she had the following

INCOME:

1.       W-2 from 1st employer
         Gross wages income: $13,164
         Federal Withholding $921

2.       W-2 from 2d employer
         Gross wages                $50,000.00
         Federal withholding    $9,500.00
3.       Interest income from bank       $132.00
4       Interest from brokerage firm    $2,100.00
5.       Ordinary "qualified" dividends from large U.S. Corporation: $3,000.00

To do:
Go the IRS website, and get a Form 1040A and instructions, and also a Schedule B. Use these, with the facts above, to prepare a Form 1040A for Sally for the most recent year for which there is a form (this is almost always the calendar year prior to the present year). Remember to consider both the standard deduction and the personal exemption, if any. Remember to consider both the standard deduction and the personal exemption, if any.

Assignment 1: Form 1040EZ Facts: The taxpayer is: Sally Studen...