December 3, 2010
Joseph Brennan, Instructor
University of Phoenix
Tax Return Worksheet
1. Even though Gloria is single, her filing status is Head of Household. Why is Gloria able to file as head of household?
Gloria is able to file head of household because she is a single parent who lives with and pays more than half of the support for her dependent child.
2. How does Gloria benefit from filing as head of household, rather than single?
Gloria benefit from filing head of household, rather than single because tax rates are lower for a person filing head of household, and she will pay less in federal income taxes.
3.What is Gloria’s adjusted gross income?
Gloria’s adjusted gross income is $22,275.
4.Which line in the tax form did you find her total income?
Gloria’s total income is found on line 15.
5.Even though Gloria is filing short form (1040A), she is still able to get two credits. What are the two credits Gloria receives? List the line you found the answers on as well.
Two credits that Gloria receives is Child and Dependent care expenses in the amount of $728.00 which is found on line 29 (1040A) form, and Additional child tax credit in the amount of $1,000.00 which is found on line 41 (1040) A.
6.How much of a refund is Gloria going to receive?
Gloria is going to receive $2,500.00
7.What are the four steps listed in the filing checklist?
The four steps listed in the filing checklist are
* Sign and date the return
* Assemble the return
* Mail the return
* Keep a copy
8.On the wage and Tax statement, list how much Gloria paid in her Federal Tax Withholding?
On the wage and Tax statement, Gloria paid $1, 500.00 in her federal tax withholding.
9.How much did she pay in Social Security and Medicare?
Gloria paid $1,395.00 in Social Security and $326.00 in Medicare.
10.Share one thing you found interesting when looking through...