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Name____________________________________________Financial Math – Tax Quiz ReviewGiven the following two scenarios, fill out a separate 1040 form for each person Scenario #1Joe the Pizza GuySingle, 17 years oldHis parents DO claim him as dependent (must do table on page 30 of 1040 instructions to find out what to put on line 9)Taxable Interest earned this year was $103. No dividends or other incomeDoes not qualify for Earned Income CreditWas not in the militaryHad health insurance this year31527753310255310031331470038722302019002019Scenario #2John DoeMarried, 48 years old. John’s wife does not have a jobNobody else can claim John or his wife as a dependentTaxable Interest earned this year was $165, dividends were $230, no other incomeOwn a House, no kidsDeductions info: Mortgage Interest $13,500. Property Taxes paid: $6000, gifts to charity are $500. No considerable medical expenses, no disaster lossesMust fill out a Schedule A and figure out which is more beneficial: standard deduction or itemized. Does not qualify for Earned Income CreditWas not in the militaryThey did have health insurance this year320040031813501440001440274320036563302019002019 ................
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