William and Jennifer Mendoza, each age 39, married June 12, 2011. William and Jennifer file a joint return for 2012. William’s social security number is 111-11-1111 and Jennifer’s social security number is 222-22-2222. They live at 12345 Alabama Street, Redlands, CA 92373. William was divorced from Nataie Mendoza in March 201. Under the divorce agreement William is to pay Natalie $800 per month for the next 10 years or until Natalie’s death, whichever occurs first. William paid Natalie $40,000 in 2012. In addition, in January 2013, William pays Natalie $50,000, which is designated as being for her shar of the marital property. Also, William is responsible for all prior years’ income taxes. Natalie’s social security number is 333-33-3333. William is a CFO and his salary for 2012 is $132,000 and his employer, Trinity Finacial, Inc. (Federal ID No. 98-1234567). Trinity Financial, Inc. paid $8,500 in health insurance premiums for William and Jennifer. His employer withheld $25,500 for Federal income taxes and $8,000 for state income taxes. The following amounts were withheld for FICA taxes: $4,624 ($110,000 X 4.2%) for Social Security and $1,914 ($132,000 X 1.45%) for Medicare. Jennifer is employed by Webber Financial Group (Federal ID No. 27-1234567). Jennifer is the Company’s part-time Controller. She received a salary of $40,000 in 2012. Her employer withheld $6,500 for Federal income taxes and $1,200 for state income taxes. The following amounts were withheld for FICA taxes: $1,680 ($40,000 X 4.2%) for Social Security and $580 ($40,000 X 1.45%) for Medicare. William’s father passed away at the end of 2012 and his mother Eva Mendoza moved in with William and Jennifer. Eva was the beneficiary on her husband’s life insurace policy and received $150,000 in 2012. Eva gifted $50,000 to William and Jennifer in 2012. Eva works as a nurse at St. Bernardine Medical Center and earned $62,000 in 2012. Her social security numbe is 444-44-4444 and her date of birth is April 24, 1950. Jennifer has a son from a previous marriage that lives with William and Jennifer. His name is Adrian Gonzales, and he was born on December 11, 2002. His social security number is 555-55-5555. Adrian spends every other weekend with his father, Mario. Jennifer received $700 per month in child support payments from Mario Gonzales. William has a son from his marriage to Natalie. His name is Nathan Mendoza. Nathan also lives with William and Jennifer. He was born on September 22, 1995. HIs social security number is 777-77-7777. Noah is in high school and works part-time at Von’s and made $5,200 in 2012. William and Jennifer have jont interest income as follows: Wells Fargo Bank $400, Altua Credit Union $330, U.S. Treasury Obligations $4,200 and City of Oakland Water Bonds $1,200. Jennifer received $370 in qualified dividends on Prudential Corporation stock she inherited. In 2012, William and Jennifer received an $800 refund on their 2011 state income taxes and a $200 refund of federal income taxes. They itemized deductions on their 2011 Federal income tax return (total=$36,000 and total state income tax deduction of $13,000). Jennifer owns a home in Lake Arrowhead that they use for vacation purposes. In 2012, Jennifer rented the home for ten days during summer. The total rent collected was $2,300. Expenses for the home wre as follows: Mortgage interest $1,800, real estate taxes $2,200, utilities $700, landscaping $1,200, and cleaning $600. On November 8, 2012, William attended continuing education courses in Atlantic City. The course was paid by his employer. Th total cost of the trip and contiuning educationg was $3,600. While in Atlantic City, William won $2,200. William had gambling losses of $300 while in Atlantic City. William and Jennifer pay $9,800 of mortgage interest and $6,600 of real estate taxes. They also paid personal property taxes on their vehicles (3 in total). The deductible portion for each auto was $325, $100, and $275. Their charitable contributions were paid as follows: Immaculate Conception Church $2,500, American Diabetes Association $500 and donated clothing and household goods valued at $400 to the Goodwll Industries. William also paid $400 to the City of Riverside for a speedng ticket he got on his way to work. They paid sales taxes of $3,800 for which they maintain receipts. William and Jennifer also had $2,300 in gambling loses in 2012 from their visit to Morongo Casino. Jennifer has a small buiness where she prepares tax returns. For 2012, she had the following income and expenses related to his small business. Fees collected $35,000, annual software costs of $2,000, mal-practice insurance $450, office supplies $375, dues and subscriptions $800, rent $4,000, business license $325, telephone $400, internet $500, and continung education of $850. Please prepare the federal tax return for 2012 for William and Jennifer Mendoza. The state return is not required. You can use the H & R Tax program provide with your book. Turn in the actual federal forms. Do not print worksheets. If you work in groups, each of you must turn in an original return. No photocopies allowed. Put all students’ names on the top of your project.
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