Question & Answer: Tax Return Problem 2 Jin Xiang is single and lives at 2468 North Lake Road in Lakeland, MN. Her SSN is 444-55-6666. She worked the entire y…..

Tax Return Problem 2 Jin Xiang is single and lives at 2468 North Lake Road in Lakeland, MN. Her SSN is 444-55-6666. She worked the entire year for Lakeland Automotive. The Form W-2 from Lakeland contained information in the following boxes Wages (Box 1 ) = $36,239.27 Federal W/H (Box 2) = $ 3.91 1 .80 Social Security Wages (Box 3)-$36,239.27 Social Security W/H (Box 4) = $ 2,246.83 Medicare Wages (Box 5) $36,239.27 Medicare W/H (Box 6) = $ 525.47 The Form W-2 On the weekends, Jin worked at Parts-Galore, a local auto parts store. from Parts-Galore contained information in the following boxes: wages (Box 1 ) = $ 9,167.02 Federal W/H (Box 2) = $ 348.39 Social Security wages (Box 3) = $ 9,167.02 Social Security WH (Box 4) 568.36 Medicare Wages (Box 5) = $ 9,167 02 Medicare W/H (Box 6) = $ 132.92 Jin also received a Form 1099-INT from Minnesota Savings and Loan. The amount in box I of the Form 1099-INT was $51.92 Prepare a Form 1040EZ for Jin.

prepare a form 1040EZ.
What are her average tax rate and effective tax rate?
If the government announced an increasing $5000 of tax deductions, what is her marginal tax rate on these deduction

Tax Return Problem 2 Jin Xiang is single and lives at 2468 North Lake Road in Lakeland, MN. Her SSN is 444-55-6666. She worked the entire year for Lakeland Automotive. The Form W-2 from Lakeland contained information in the following boxes Wages (Box 1 ) = $36,239.27 Federal W/H (Box 2) = $ 3.91 1 .80 Social Security Wages (Box 3)-$36,239.27 Social Security W/H (Box 4) = $ 2,246.83 Medicare Wages (Box 5) $36,239.27 Medicare W/H (Box 6) = $ 525.47 The Form W-2 On the weekends, Jin worked at Parts-Galore, a local auto parts store. from Parts-Galore contained information in the following boxes: wages (Box 1 ) = $ 9,167.02 Federal W/H (Box 2) = $ 348.39 Social Security wages (Box 3) = $ 9,167.02 Social Security WH (Box 4) 568.36 Medicare Wages (Box 5) = $ 9,167 02 Medicare W/H (Box 6) = $ 132.92 Jin also received a Form 1099-INT from Minnesota Savings and Loan. The amount in box I of the Form 1099-INT was $51.92 Prepare a Form 1040EZ for Jin.

Expert Answer

 

Answer

Computation of Tax Salary of Jin Form 1040EZ
Description Lake land Galore Total
Wage Box 1     36,239.27     9,167.02    45,406.29
Federal       3,911.80         348.39      4,260.19
Social security Box-3     36,239.27     9,167.02    45,406.29
Total    95,072.77
Tax @ 30%    28,521.83
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