Business and Finance Homework
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This project is due by mid night today 10/22/2013 eastern standard time.
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 Jones’ Social Security numbers and ages are as follows:
Interest income on municipal bonds
Interest income on certificate of deposit (Universal Savings)
Dividends on GM stock
Eyeglasses and exam for Aubrynne
Orthodontic work for Bryson to correct a congenital defect
Medical insurance premiums, after-tax basis
Withholding for state income taxes
Withholding for federal income taxes
State income taxes paid with last year’s tax return (paid when the return was filed in the current year)
Property taxes on home
Property taxes on automobile
Interest on home
Interest on credit cards
Cash contribution to church
In 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 Amy’s income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary.
this is just a project it can be for 2013 ok