need help in family finance

Tax Assignment Information

Here is some added information to help with the tax assignment in case you have not filled out a 1040 form before.

 Mark married filing joint in the filing status section.  Mark "yourself" and "spouse" in the exemptions section.  Also enter the names of the children and add up the number of boxes on the right hand

side of that section.  Add both incomes for line 7.  Put their interest earned on line 8a.  Add them up on line 22.  Put the IRA contribution on line 32 and take it to line 36.  Subtract line 36 from 22 for line 37. Take that amount to line 38.  Enter the standard deduction amount on line 40.  Subtract that from 38 for line 41.  Multiply the number of people in their family by $4,000 for line 42.  Subtract line 42 from 41 for line 43.  Put their tax liability on line 44 (normally you would look it up in a table). Put it on line

47 also. Note: don't put anything on line 51 even if they were to qualify.  Child tax credit goes on line 52. Put it on line 55 also.  Subtract line 55 from 47 for line 56. Take that number down to line 63.  Enter their federal income tax withheld on line 64. Take that amount to line 74.  Find the difference between lines 74 and 63 for line 75 or 78, depending on if they get a

refund or not. If they paid more federal tax than they owe, they get a refund. If they paid less, they would owe. A refund would go on line 75 and owing would go on line 78.

Go back and check your math! For students who lose points on this assignment, it is usually because of simple math. One mistake can cause lost points for several lines.

Remember: DON'T USE YOUR OWN INFORMATION FOR THIS ASSIGNMENT. Use the information provided in the syllabus.

2015 form