Acct 323 Assignment 3 Tax Return Project

ACCT 323 Assignment 3 TAX RETURN PROJECT

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Assume that the taxpayers, Jim B. Baldwin (social security number 333-33-3330) and Sara M.

Baldwin (social security number 444-44-4440) file a joint return. Both are 50 years old, have

good eyesight, and live with their three children, Ned, Joseph and Megan, at 789 N. Code Drive,

Chicago, Illinois 60699, (312) 679-9999. Mr. Baldwin wants to contribute $3 of his income tax

to the Presidential Election Campaign Fund. Mrs. Baldwin elects not to contribute.

The Baldwins’ son, Ned, is a junior in college and he is 20 years old. He worked during the

summer and earned $4,000. Their other son, Joseph, is a 17-year old high school student. He

earned $3,600 during the summer and worked part-time during the remainder of the year. Neither

son had any additional income. Their daughter, Megan, is eight years old and an elementary

school student. She had no earned or unearned income during the year. In August, the Baldwins

paid $4,000 in tuition for their son, Ned, for the academic period that started in September. Ned’s

social security number is 300-11-0001, Joseph’s social security number is 300-22-0002, and

Megan’s social security number is 300-33-0003.

The Baldwins claim Mrs. Baldwin’s mother, Julia D. Major, as a dependent under a multiplesupport

agreement. The total support of Mrs. Major is $6,000, received from the following three

sources:

(1) $3,000 from Sara Baldwin,

(2) $1,000 from another daughter, Tina Major, and

(3) $2,000 in social security benefits.

Mrs. Julia D. Major lived with the Baldwins during all of 2015. Her social security number is

400-44-0004. Tina Major provides the Baldwins with a written, signed statement, that she will

not claim her mother as a dependent in 2015. Tina Major lives at 1425 S. 62nd Street, Chicago,

IL 60699, and her social security number is 500-55- 0005.

The Baldwins use Pat Berg, a professional...