Following is a list of information for Peter and Amy Jones for the current tax y
Following is a list of information for Peter and Amy Jones for the current tax year. Peterand Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at1846 Joplin Way, Lakeville, MN 55022. Peter is a lawyer working for a Native Americanlaw firm. Amy works part-time in a genetic research lab. The Jonesâ Social Security numbersand ages are as follows:Peter 215-60-1989 32Amy 301-60-2828 28Aubrynne 713-84-5555 5Bryson 714-87-2222 3Caden 714-89-1684 1Peterâs salary $70,000Amyâs salary 32,000Interest income on municipal bonds 2,400Interest income on certificate of deposit (Universal Savings) 3,100Dividends on GM stock 1,600Eyeglasses and exam for Aubrynne $ 600Orthodontic work for Bryson to correct a congenital defect 2,500Medical insurance premiums 1,800Withholding for state income taxes 7,200Withholding for federal income taxes 16,000State income taxes paid with last yearâs tax return(paid when the return was filed in the current year) 500Property taxes on home 1,100Property taxes on automobile 300Interest on home 9,700Interest on credit cards 200Cash contribution to church 3,900In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc.stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV ofthe stock on the date of the contribution is $700. Peter and Amy had purchased the stockon November 7, 2003 for $300.Compute Peter and Amyâs income tax liability for the current year using Form 1040,Schedules A and B, and Form 8283, if necessary.