Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. Scholarship used to pay Tuition $ 5,750Scholarship used to pay room, and board 1,850Salary 55,000Interest income 185Itemized Deductions 3,000Income taxes withheld 2,600 Prepare Liam’s 2018 tax return, using a $12,000 standard deduction and the tax rates given in Exhibit 3.3.

Taxes refers to the amount of revenue collected and imposed by the taxation authority usually a…

Answered: Choosing and preparing an individual…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 6FPE

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Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov.

Scholarship used to pay Tuition $ 5,750

Scholarship used to pay room, and board 1,850

Salary 55,000

Interest income 185

Itemized Deductions 3,000

Income taxes withheld 2,600

Prepare Liam’s 2018 tax return, using a $12,000 standard deduction and the tax rates given in Exhibit 3.3.

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