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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 | ||
