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Business, 14.03.2020 04:02 BIKRAMlawati9684

Nathan Cohen , age 45, is a single taxpayer who lives at 2245 Mardel St., San Jose, CA 95130. His social security number is 351-42-1961. Nathans earnings and withholdings as a marketing director at a high-tech company for 2014 are:Earnings from Placeware, Inc. $297,000 (this is after subtracting his health insurance premiums see below)Federal Income tax withheld $50,000State income tax withheld $23,500Other facts and possibly useful information:Nathan earns interest on a savings account at Bank of the West of $13,075.Nathan is divorced and pays his ex-wife $4,000 per month. When their 15-year old daughter (who lives 100% with the ex-wife) reaches 18, the payments drop to $2,800 per month. His ex-wifes social security number is 857-51-6438. Nathan does not claim his daughter as a dependent. Nathan paid the following amounts (he has records to prove payment):California DMV renewal taxes (the value based part) : $300Credit card interest expense $1,760Auto Loan interest expense $4,300Property taxes on his home $6,200Blue Cross health insurance premiums $1,800 withheld from his paycheck. Other medical expenses $790Income tax preparation fees for his 2013 income tax return $900Federal 2013 income taxes paid in April 2014 when he filed his 2013 federal income tax return $1,825California 2013 income taxes paid in April 2014 when he filed his 2013 California tax return $500Check to Boy Scouts of America $1,100Check for fundraiser to build a new building at Harker School, where his daughter goes, $8,000. This payment was not related to tuition and neither Nathan nor his family received any specific benefits. Check to St. Andrews Church $10,000Stanford Business School Alumni Association $12,000 (fundraiser to support the business school)Silicon Valley Republican Party Fund $1,000 (2014 campaign fundraiser)Nathan paid $100 to attend a fundraising dinner at the Tech Museum of Innovation, the value of the dinner is $50.Nathan received a Form 1098 Mortgage Interest Statement from Bank of the West indicating $19,700 of interest expense on his mortgage (a qualified acquisition mortgage)Complete Nathans Form 1040, Schedule A and Schedule B. Dont forget he paid state taxes. If you need to make assumptions, they should be realistic. Hint: remember that deductions and exemptions may be limited. Your check figure: Nathans Form 1040 Line 75 is $2,599.

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