Religious Studies homework help
Religious Studies homework help. William and Wilma B. Foxworthy were married in 1994 and will file a joint return for 2015. Theiroldest son, William (Bill), attended UCSD on a full football scholarship valued at $18,500. TheFoxworthys contributed Bills only other support in the form of spending money in the amount of$5,000. Their other child, Melissa, is an 18-year-old high school student who lives at home and workedpart-time. Nearly all of Melissas earnings of $4,500 were placed into savings for college. Williamwas employed full-time and Wilma was employed part time during 2015. Their earnings are asfollows:William Foxworthy, Car Mechanic $ 44,000Wilma B. Foxworthy, RN Sharp Hospital 55,000Federal taxes of $4,400 and $6,750 respectively were withheld from their wages.Wilmas Mom passed away and in 2010 she received a sizable inheritance. The inheritance is allinvested in stocks, bonds and Treasury bills. The 2015 income is summarized as follows:Interest income:U.S. Treasury Bills $ 5,800Charles Schwab Interest (taxable) 1,200Charles Schwab Interest (munis) 3,000Dividends:AT&T 4,500Ford Motor Corporation 2,500Royal Dutch Shell (A publicly traded foreign corporation) 2,700Foreign taxes withheld 260William and Wilma will itemize their deductions for 2015. Their records reveal the following:Medicines and drugs 1,400Other medical hospital/doctors 12,400Medical expense reimbursement (Wilmas §125 plan) 3,500State and local sales taxes 1,350State and local income taxes 4.500Real estate (property) taxes 6,500Interest on home mortgage 13,500Other interestCredit cards 1,350Charitable contributions (cash) 2,100Tax return preparation fees for prior year 950Political contributions to a national candidate for office 250Forms required to complete and submit for William and Wilma B. Foxworthy based on the aboveinformation:1. 10402. 1040, Schedule A3. 1040, Schedule B4. Form 8879 (e-file Signature Authorization)Download forms for 2015 from irs.govFor this problem, all of the dividends received are qualified dividends