Computation of income statement of Mr & Mrs Waden-FORM 1040
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FORM 1040 - U.S. INDIVIDUAL INCOME TAX RETURN
Assume that the taxpayers, George A. Warden (social security number 333-33-3330) and Mary S. Warden (social security number 444-44-4440) file a joint return. Both are 50-years old, have good eyesight, and live with their three children, Edward, John and Ruth, at 789 N. Code Drive, Chicago, Illinois 60699. The Warden's home phone number is 312-555-9999. Mr. Warden elects to have $3 of his income tax go to the Presidential Election Campaign Fund. Mrs. Warden elects not to contribute.
The Wardens' son, Edward, is a junior in college and he is 20 years old. He worked during the summer and earned $4,000. Their other son, John, is 17 and a high school student. He earned $3,600 during the summer and worked part-time dur ing the remainder of the year. Neither son had any additional income. Their daughter, Ruth, is eight years old and an elementary school student. She had no earned or unearned income during the year. Edward's social security number is 300-11-000t John's social security number is 300-22-0002, and Ruth's social security number is 300-33-0003. In August, the Wardens paid $4,000 in tuition for their son, Edward, for the academic period that started in September.
The Wardens claim Mrs. Warden's mother, Grace D. Taylor, as a dependent under a multiple-support agreement. The total support of Mrs. Taylor is $6,000, received from the following three sources:
• $3,000 from Mary Warden,
• $1,000 from another daughter, Thelma Taylor, and
• $2,000 in social security benefits.
Mrs. Grace D. Taylor lived with the Wardens during all of 2012. Her social security number is 400-44-0004. Thelma Taylor provides the Warden's with a written, signed statement, that she will not claim her mother as a dependent in 2012. Thelma Taylor...