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I have attached the tax return problem as a Scan in

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I have attached the tax return problem as a Scan in Microsoft word. When doing homework I use the fill in form from the irs website.;Here's the link to the form. http://www.irs.gov/pub/irs-pdf/f1040.pdf;Problem to do on tax return. All information provided.;Martin S. Albert (SS # 363-22-1141) is 39 Years old and is married to Michele R. Albert (SS# 259-05-8242). The Alberts live at 512 Ferry Road, Newport News, VA 23100. They file a joint return and have two dependent children (Charlene, age 17, and Jordan, age 18) Charlene's SS3# is 260-12-1234, and Jordan's is 263-23-4321. In 2007, Martin and Michele had the following transactions.;a) Martin received $108,000 in salary from Red Steel Corporation, where he is a construction engineer. Whitholding for Federal income tax was $9,500. The amounts witheld for FICA tax were as follows: $6,045 (97,500 x 6.2%) for Social Security and $ 1,049 ($97,199 x 1.45%) for Medicare. Martin worked in Mexico from January 1, 2006 until Feb. 15 2007. His $108,000 salary for 2007 includes $16,000 he earned for January and one-half of February 2007 while working in Mexico.;b) Martin and Michele received $800 in dividends on Green, Inc. stock and $400 interst on Montgomery County (Virginia) school bonds.;c) Martin recieved $1300 interest from a Bahamian bank account.;d) Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The shares had a fair market value of $2000 at the time Michele received them, and she did not have teh option of receiving cash.;e) Martin and Michele received a $900 refund on their 2006 Virginia income taxes. Their itemized deductions in 2006 totaled $12,500;f) Martin paid $6,000 alimony to his former wife, Rose T. Morgan (ss # 262-55-4813);g) Marin and Michele kept the receipts for their sales taxes paid of $1,100;h) Martin and Michele's itemized deductions were as follows;-State income tax paid and withheld totaled $5,100;-Real estate taxes on their principle residence were $3,400;-Mortgage interest on their principle residence was $4,500;-Cash Contributions to the church totaled $2,800;I did the problem but I am confused with the Mexico portion and part D.

 

Paper#26466 | Written in 18-Jul-2015

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