Larry K. and Cathy L. Zepp have been married 18 years. Larry is 52 years old (Social Security # 433-45-6789) while Cath
Posted: Tue Apr 26, 2022 10:01 am
Larry K. and Cathy L. Zepp have been married 18 years.
Larry is 52 years old (Social Security # 433-45-6789) while Cathy
is 47 years old (Social Security # 433-45-6788). They live at
1234 elm Dr., Indianapolis, IN 46202. The Zepps have two children,
a son, Zachary W. Zepp (111-33-4444, date of birth 12/1/2001), and
a daughter, Jennifer A. Zepp (111-33-4445, date of birth
1/5/2006). Both children live with them the entire
years. Zachary is a full-time student.
Larry is a salesperson employed by DSK Industries. This
year he earned $135,400. Federal and state income taxes
withheld were $17,000 and $7,000, respectively. Social
Security tax withheld was $7,961 and Medicare tax withheld was
$1,963.
Cathy freelances as an independent contractor in computer
graphics. She use her own name as the name of her
business. Her earnings received from various engagements was
$12,000. Her only expenses paid during the year were for
office supplies of $3,000. She paid estimated federal income
taxes during the year of $1,000 ($250 on each due date). Her
business uses the cash method of accounting.
Other income earned by the couple included the following:
Interest Income
$4,000 from Highland National Bank
$975 from a State of Indiana bond
Dividends
$300 from Ford Motor Company
$575 from Eastman Kodak
$125 from IBM
$1,200 from Apple
All dividends were qualifying dividends
Stock Transactions
Rental Property
The couple owns a duplex that it rents
out. It is located at 111 Nowhere Ave. Indianapolis,
IN. They received $12,000 in rental income this year and had
the following expenses related to the duplex:
Insurance
700
Mortgage
Interest
8,000
Repairs
1,500
Property
taxes
600
Depreciation
2,000
The Zepps had the following expenses
during the year:
Unreimbursed medical
expenses
10,200
Interest on a home
mortgage
11,500
Real property taxes on their
home
4,000
State taxes withheld (see above)
Charitable
contributions
3,500
Prepare the Zepps 2021 individual
income tax return. Complete Form 1040 and Schedule 1 through
3 that go with the form 1040 as well as Schedules A, B, C, D, E and
SE.
Larry is 52 years old (Social Security # 433-45-6789) while Cathy
is 47 years old (Social Security # 433-45-6788). They live at
1234 elm Dr., Indianapolis, IN 46202. The Zepps have two children,
a son, Zachary W. Zepp (111-33-4444, date of birth 12/1/2001), and
a daughter, Jennifer A. Zepp (111-33-4445, date of birth
1/5/2006). Both children live with them the entire
years. Zachary is a full-time student.
Larry is a salesperson employed by DSK Industries. This
year he earned $135,400. Federal and state income taxes
withheld were $17,000 and $7,000, respectively. Social
Security tax withheld was $7,961 and Medicare tax withheld was
$1,963.
Cathy freelances as an independent contractor in computer
graphics. She use her own name as the name of her
business. Her earnings received from various engagements was
$12,000. Her only expenses paid during the year were for
office supplies of $3,000. She paid estimated federal income
taxes during the year of $1,000 ($250 on each due date). Her
business uses the cash method of accounting.
Other income earned by the couple included the following:
Interest Income
$4,000 from Highland National Bank
$975 from a State of Indiana bond
Dividends
$300 from Ford Motor Company
$575 from Eastman Kodak
$125 from IBM
$1,200 from Apple
All dividends were qualifying dividends
Stock Transactions
Rental Property
The couple owns a duplex that it rents
out. It is located at 111 Nowhere Ave. Indianapolis,
IN. They received $12,000 in rental income this year and had
the following expenses related to the duplex:
Insurance
700
Mortgage
Interest
8,000
Repairs
1,500
Property
taxes
600
Depreciation
2,000
The Zepps had the following expenses
during the year:
Unreimbursed medical
expenses
10,200
Interest on a home
mortgage
11,500
Real property taxes on their
home
4,000
State taxes withheld (see above)
Charitable
contributions
3,500
Prepare the Zepps 2021 individual
income tax return. Complete Form 1040 and Schedule 1 through
3 that go with the form 1040 as well as Schedules A, B, C, D, E and
SE.