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Presentation/PPT
27/08/2022
William and Wilma B. Foxworthy were married in 1994 and will file a joint return for 2015. Their
oldest son, William (Bill), attended UCSD on a full football scholarship valued at $18,500. The
Foxworthy’s contributed Bill’s only other support in the form of spending money in the amount of
$5,000. Their other child, Melissa, is an 18-year-old high school student who lives at home and worked
part-time. Nearly all of Melissa’s earnings of $4,500 were placed into savings for college. William
was employed full-time and Wilma was employed part time during 2015. Their earnings are as
follows:
William Foxworthy, Car Mechanic $ 44,000
Wilma B. Foxworthy, RN Sharp Hospital 55,000
Federal taxes of $4,400 and $6,750 respectively were withheld from their wages.
Wilma’s Mom passed away and in 2010 she received a sizable inheritance. The inheritance is all
invested in stocks, bonds and Treasury bills. The 2015 income is summarized as follows:
Interest income:
U.S. Treasury Bills $ 5,800
Charles Schwab – Interest (taxable) 1,200
Charles Schwab – Interest (muni’s) 3,000
Dividends:
AT&T 4,500
Ford Motor Corporation 2,500
Royal Dutch Shell (A publicly traded foreign corporation) 2,700
Foreign taxes withheld 260
William and Wilma will itemize their deductions for 2015. Their records reveal the following:
Medicines and drugs 1,400
Other medical – hospital/doctor’s 12,400
Medical expense reimbursement (Wilma’s §125 plan) 3,500
State and local sales taxes 1,350
State and local income taxes 4.500
Real estate (property) taxes 6,500
Interest on home mortgage 13,500
Other interest—Credit cards 1,350
Charitable contributions (cash) 2,100
Tax return preparation fees for prior year 950
Political contributions to a national candidate for office 250
Forms required to complete and submit for William and Wilma B. Foxworthy based on the above
information:
1. 1040
2. 1040, Schedule A
3. 1040, Schedule B
4. Form 8879 (e-file Signature Authorization)
Download forms for 2015 from irs.gov
For this problem, all of the dividends received are qualified dividends
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