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compute Peter and Amy's Income tax liability for the current year funding Form 1040, Schedules A and B, and Form 8283, if necessary.
compute Peter and Amy’s Income tax liability for the current year funding Form 1040, Schedules A and B, and Form 8283, if necessary.Following is a list of information for Peter and Amy Jones for the current tax year. Peter and May are married and have three children Aubrynne, Bryson, and Caden. They live at 1846 Joplin Way, Lakeville, MN 55022. Peter is a lawyer working for a Native American law firm. Amy works part-time in a generic research lab. The Jones’ Social Security numbers and ages are as follows:NAMESS No.AgePeter215-60-198932Amy301-60-282828Aubrynne713-84-55555Bryson714-87-22223Caden714-89-16841ReceiptsAmountPeter Salary$70,000Amy’s Salary$32,000Interest Income on Municipal Bond$2400Interest Income on certificate of deposit (Universal Saving)$3100Dividends on GM Stock$1600DisbursementsAmountEyeglasses and eye exam for Aubrynne600Orthodontic work for Bryson to correct a congenital defect2500Medical insurance premiums1800Withholding for state income taxes7200Withdolding for federal income taxes16000State income taxes paid with last years’s tax return500Property taxes on home1100Property taxes on automobile300Interest on home9700Interest on credit card200Cash contribution to church3900
