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not sure if this information helps or not. I only need help with figuring out the amount for line 16 on 2021 tax form 1040. Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth was born on July 4, 1975, and her Social Security number is 123-45-6785. She did not engage in any virtual currency transactions during the year, and she wants to contribute $3 to the Presidential Election Campaign Fund. Beth received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. The following information is shown on Beth's Wage and Tax Statement (Form W-2) for 2021. Line Description Amount 1 Wages, tips, other compensation $65,000.00 2 Federal income tax withheld 9,500.00 3 Social Security wages 65,000.00 4 Social Security tax withheld 4,030.00 5 Medicare wages and tips 65,000.00 6 Medicare tax withheld 942.50 15 State Arizona 16 State wages, tips, etc. 65,000.00 17 State income tax withheld 1,954.00 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099-INT. She received qualified dividends of $800 from Blue Corporation, $750 from Green Corporation, and $650 from Orange Corporation. Each corporation reported Beth's dividend payments on a Form 1099-DIV. Beth received a $1,100 income tax refund from the state of Arizona on April 29, 2021. On her 2020 Federal income tax return, she used the standard deduction. Fees earned from her part-time tax practice in 2021 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service. On February 8, 2021, Beth bought 500 shares of Gray Corporation common stock for $17

Answers

Answer 1

Here is the amount for line 16 on 2021 tax form 1040 for Beth R. Jordan: $1,292.50

Here is the calculation:

To calculate your overall earnings, you can subtract the state income tax withheld and add the state income tax refund and net self-employment income, while also taking into account any self-employment expenses.

These figures can be found on lines 2 and 17 of your W-2 form, and lines 3 and 27 of your Schedule C, respectively.

The precise figures of these items are given below:

Federal income tax withheld: $9,500

State income tax withheld: $1,954

State income tax refund: $1,100

Net self-employment income: $3,800

Net expenses from self-employment: $600

Plugging these values into the calculation above, we get:

$9,500 - $1,954 + $1,100 + $3,800 - $600 = $1,292.50

Therefore, the amount for line 16 on 2021 tax form 1040 for Beth R. Jordan is $1,292.50.

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Related Questions

A client with a portfolio of 10 U.S corporate bonds is planning to add 10 more bonds of different corporations (both U.S and international) which one of the following could the client eliminate through diversification?

Answers

Answer:

Explanation:

Diversification in a portfolio involves reducing risk by investing in a variety of assets. The specific bonds that could be eliminated through diversification would depend on the characteristics of the existing portfolio and the new bonds being considered.

Without information about the current holdings and the characteristics of the new bonds, it is not possible to determine which specific bond(s) could be eliminated through diversification. However, diversification generally aims to reduce the exposure to any single issuer or industry, and spread the risk across different assets. So, the client could eliminate bonds from issuers or industries that are already well-represented in the portfolio to achieve better diversification.

It is important to note that specific investment decisions should be based on thorough analysis of individual bonds, including creditworthiness, maturity, interest rates, and other factors. Professional financial advice and analysis should be sought to make informed investment decisions.

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