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Presentation/PPT
27/08/2022
Diana (41) and Ryan (39) Workman were married on January 2, 2018. Ryan works as a computer programmer at Datafile Inc. (DI) earning a salary of $96,000. Diana is self-employed and runs a daycare center. They have a 20-year-old son, Samuel, that is a sophomore in college and is a full-time student. Samuel lived with the Workmans for all of 2018, and the Workmans provided over 50% of Samuel’s support.
The Workmans reported the following financial information pertaining to their activities during 2018:
e. Ryan is a member of the computer programmers union, and he paid union dues of $1,250.
i. $2,500 cash
ii. 100 shares of D Corp. stock. The Workmans purchased the stock in 2016 for $4,000. The fair market value of the stock at the time of the donation was $14,000.
iii. 100 shares of E Corp. stock. The Workmans purchased the stock in 2016 for $14,000. The fair market value of the stock at the time of the donation was $4,000.
q. Diana paid student loan interest of $3,000 in 2018. Diana took out the loan back in 2008 to pay tuition for her undergraduate degree.
r. Diana and Ryan purchased a personal residence on January 10, 2018. The purchase price was $800,000. The Workmans made a $30,000 down payment, and the remaining $770,000 was financed through a mortgage (no points) issued by Lender Bank. Diana and Ryan paid mortgage interest of $37,000 and mortgage insurance (PMI) of $3,850.
s. The Workmans paid real estate taxes of $9,700 and maintenance expenses of $5,000 for their personal residence.
t. The Workmans paid state income tax of $3,000 and sales tax of $1,500.
u. Diana came down with pneumonia in 2018 and spent a week in the hospital. She paid medical bills of $5,000.
v. Diana made estimated tax payments of $2,000.
w. Samuel’s tuition for 2018 $10,000, and Samuel bought $1,000 worth of required textbooks. Samuel had a scholarship of $7,000 that was used to pay a portion of the tuition, and Ryan and Diana paid the remaining $3,000. Samuel paid for the books from the money he earned at his summer job.
Assume that the Workmans file a joint tax return for 2018.
A. What is the Workman’s federal gross income for 2018?
B. What is the Workman’s federal adjusted gross income for 2018?
C. What is the total amount of their deductions from AGI for 2018?
D. What is their federal taxable income for 2018?
E. What is their federal taxes payable or refund due for 2018?
Is Samuel required to file a tax return for 2018? Explain your answer.
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