Question: Use Worksheets 3.1 and 3.2.
Use Worksheets 3.1 and 3.2. Qiang Gao graduated from college in 2014 and began work as a systems analyst in July 2014. He is preparing to file his income tax return for 2014 and has collected the following financial information for calendar year 2014:
Tuition, scholarships, and grants……….$ 5,750
Scholarship, room, and board……………….1,850
Salary………………………………………………..30,250
Interest income ………………………………………185
Deductible expenses, total ……………………3,000
Income taxes withheld ………………………. 2,600
a. Prepare Qiang’s 2014 tax return, using a $6,200 standard deduction, a personal exemption of $3,950, and the tax rates given in Exhibit 3.3. Which tax form should Qiang use, and why?
b. Prepare Qiang’s 2014 tax return using the data in part a, along with the following information:
IRA contribution………………………………..$5,000
Cash dividends received …………………………..150
Which tax form should he use in this case? Why?
Worksheets 3.1:
Worksheets 3.2:
Transcribed Image Text:
Department of the Treasury-Intemal Revenue Service Income Tax Return for Single and Joint Filers With No Dependents (99) Form 1040EZ 2014 OMB No. 1545-0074 Your first name and initial Last name Your social security number 123|4 5|678 Spouse's social security number Anna Bhatia If a joint return, spouse's first name and initial Last name Home address (number and street). If you have a P.O. box, see instructions. 1000 State university Drive Apt. no. Make sure the SSN(s) above are correct. City, town or post office, state, and ZIIP code. If you have a foreign address, also complete spaces below (see instructions). Presidential Election Campaign Anytown, Anystate 10001 Check here if you, or your spouse if fling jointly, want $3 to go to this fund Checking a box below will not change your tax or refund. Foreign country name Foreign province/state/county Foreign postal code Z You OSpouse Wages, salaries, and tips. This should be shown in box 1 of your Form(s) W-2. Attach your Form(s) W-2. 1 Income 1 12,500 Attach Form(s) W-2 here. 2 Taxable interest. If the total is over $1,500, you cannot use Form 1040EZ. 2 50 Enclose, but do not attach, any payment. 3 Unemployment compensation and Alaska Permanent Fund dividends (see instructions). 3 Add lines 1, 2, and 3. This is your adjusted gross income. 5 If someone can claim you (or your spouse if a joint return) as a dependent, check the applicable box(es) below and enter the amount from the worksheet on back. O You If no one can claim you (or your spouse if a joint return), enter $10,150 if single; $20,300 if married filing jointly. See back for explanation. Subtract line 5 from line 4. If line 5 is larger than line 4, enter -0-. This is your taxable income. Federal income tax withheld from Form(s) W-2 and 1099. Earned income credit (EIC) (see instructions) b Nontaxable combat pay election. 4 4 12,550 O Spouse 5 10,150 6. 6 2,400 7 7 495 Payments, Credits, 8a 8a 8b and Tax 9 Add lines 7 and 8a. These are your total payments and credits. 9. 495 10 Tax. Use the amount on line 6 above to find your tax in the tax table in the instructions. Then, enter the tax from the table on this line. 10 241 Health care: individual responsibility (see instructions) 12 11 Full-year coverage 11 Add lines 10 and 11. This is your total tax. If line 9 is larger than line 12, subtract line 12 from line 9. This is your refund. If Form 8888 is attached, check here 12 254 Refund 13а 13a 254 Have it directly deposited! See instructions and fill in 13b, 13c, and 13d, or b Routing number Рс Туре: Checking Savings >d Account number Form 8888. 14 If line 12 is larger than line 9, subtract line 9 from line 12. This is Amount You Owe the amount you owe. For details on how to pay, see instructions. 14 Do you want to allow another person to discuss this return with the IRS (see instructions)? Yes. Complete below. No Third Party Designee Designee's Phone Personal identification патe number (PIN) no. Sign Here Under penalties of perjury, I declare that I have examined this return and, to the best of my knowledge and belief, it is true, correct, and accurately lists all amounts and sources of income I received during the tax year. Declaration of preparer (other than the taxpayer) is based on all information of which the preparer has any knowledge. Your signature Date Your occupation Daytime phone number Joint return? See instructions. (555) 555-1212 Anna Bhatia 4/14/15 Student Spouse's signature, If a joint return, both must sign. Date Spouse's occupation Кеер а сopy for your records. If the IRS sent you an Identity Protection PIN, enter it here (see inst.) Paid Print/Type preparer's name Preparer's signature Date PTIN if Check self-employed Preparer Use Only Firm's EIN Firm's name Fim's address Phone no. For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see instructions. Cat. No. 11329w FORM 1040EZ (2014) | 1040 2014 Department of the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. See separate instructions. Your social security number 123|45|6789 Spouse's social security number 987|65|4321 For the year Jan. 1-Dec. 31, 2014, or other tax year beginning 2014, ending 20 Your first name and initial Last name Terry s. If a joint return, spouse's first name and initial Becker Last name Evelyn M. Home address (number and street). If you have a P.O. box, see instructions. Becker Apt. no. Make sure the SSN(s) above and on line 6c are correct. 1234 Success circle City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Presidential Election Campaign Anytown, Anystate 10001 Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. Foreign country name Foreign province/state/county Foreign postal code Z You OSpouse 1 Single Head of household (with qualifying person). (See instructions.) If Filing Status 2 2 Married filing jointly (even if only one had income) the qualifying person is a child but not your dependent, enter this Check only one box. 3 child's name here. Married filing separately. Enter spouse's SSN above and full name here. I 5 O Qualifying widow(er) with dependent child 6a O Yourself. If someone can claim you as a dependent, do not check box 6a . b 7 Spouse c Dependents: Boxes checked Exemptions on 6a and 6b No. of children (4) / if child under age 17 qualifying for child tax credit (see instructions) on 6c who: • lived with you • did not live with you due to divorce or separation (see instructions) Dependents on 6c not entered above (2) Dependent's social security number (3) Dependent's relationship to you (1) First name Last name Thomas C. Becker Ríchard E. Becker Harriet G. Becker 065:01 2347 Son 012 34 5678 Son 03 46 51234 Daughter If more than four dependents, see instructions and check here Total number of exemptions claimed Add numbers on lines above 70,165 00 800 00 Income 7 Wages, salaries, tips, etc. Attach Form(s) W-2 7 8a Taxable interest. Attach Schedule B if required b Tax-exempt interest. Do not include on line 8a 8a 8b Attach Form(s) W-2 here. Also attach Forms W-2G and 9a Ordinary dividends. Attach Schedule B if required 9a b Qualified dividends. 96 Taxable refunds, credits, or offsets of state and local income taxes 10 10 1099-R if tax was withheld. Alimony received ... 11 11 12 Business income or (loss). Attach Schedule C or C-EZ . 12 5,800 00 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here 13 1,250 |00 If you did not get a W-2, see instructions. 14 Other gains or (losses). Attach Form 4797 . 14 15a IRA distributions . 15a b Taxable amount 15b 16a Pensions and annuities 16a b Taxable amount 16b 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17 18 Farm income or (loss). Attach Schedule F 18 Unemployment compensation 20a Social security benefits 20a Other income. List type and amount Combine the amounts in the far right column for lines 7 through 21. This is your total income 19 19 b Taxable amount 20b 21 21 22 22 78,015 00 23 Educator expenses 23 Adjusted gross income 24 Certain business expenses of reservists, performing artists, and fee-basis govemment officials. Attach Form 2106 or 2106-EZ 24 25 Health savings account deduction. Attach Form 8889 25 26 Moving expenses. Attach Form 3903 26 27 Deductible part of self-employment tax. Attach Schedule SE . 27 410 00 28 Self-employed SEP, SIMPLE, and qualified plans 28 29 Self-employed health insurance deduction 29 30 Penalty on early withdrawal of savings . 30 31a Alimony paid b Recipient's SSN . 32 31a IRA deduction . 32 4,000 00 33 Student loan interest deduction . 33 34 Tuition and fees. Attach Form 8917. 34 35 Domestic production activities deduction. Attach Form 8903 35 36 Add lines 23 through 35 . 36 4,410 00 37 Subtract line 36 from line 22. This is your adjusted gross income 73,605| OO Form 1040 (2014) 37 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B
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