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****Explain step by step**** Tax Return Problem Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2013. Alfred and Beulah will…

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****Explain step by step**** Tax Return Problem Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2013. Alfred and Beulah will…

****Explain step by step**** 

Tax Return Problem Alfred E. Old and Beulah A.

Crane, each age 42, married on September 7, 2013.Alfred and Beulah will file a joint return for 2015.Alfred’s Social Security number is 111-11-1112.Beulah’s Social Security number is 123-45-6789, andshe adopted “Old” as her married name. They live at 211 Brickstone Drive,Atlanta, GA 30304.Alfred was divorced from Sarah Old in March 2013. Under the divorceagreement, Alfred is to pay Sarah $1,250 per month for the next 10 years oruntil Sarah’s death, whichever occurs first. Alfred pays Sarah $15,000 in 2015.In addition, in January 2015, Alfred pays Sarah $50,000, which is designatedas being for her share of the marital property. Also, Alfred is responsible for allprior years’ income taxes. Sarah’s Social Security number is 123-45-6788.Alfred’s salary for 2015 is $150,000, and his employer, Cherry, Inc. (FederalI.D. No. 98-7654321), provides him with group term life insurance equal totwice his annual salary. His employer withheld $24,900 for Federal incometaxes and $8,000 for state income taxes. The proper amounts were withheldfor FICA taxes.Beulah recently graduated from law school and is employed by Legal AidSociety, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receivesa salary of $40,000 in 2015. Her employer withheld $7,500 for Federal incometaxes and $2,400 for state income taxes. The proper amounts were withheldfor FICA taxes.Beulah has $2,500 in qualified dividends on Yellow Corporation stock sheinherited. Alfred and Beulah receive a $1,900 refund on their 2013 stateincome taxes. They itemized deductions on their 2014 Federal income taxreturn (total of $15,000). Alfred and Beulah pay $4,500 interest and $1,450property taxes on their personal residence in 2014. Their charitablecontributions total $2,400 (all to their church). They paid sales taxes of$1,400, for which they maintain the receipts. Both spouses had healthinsurance for all months of 2015 and do not want to contribute to thePresidential Election Campaign.Compute the Olds’ net tax payable (or refund due) for 2015. If you use taxforms for your solution, you will need Form 1040 and Schedules A and B.Suggested software: H&R BLOCK Tax Software.

Form 1040 2015 (99) Department of the Treasury—Internal Revenue Service U.S. Individual Income Tax Return For the year Jan. 1–Dec. 31, 2015, or other tax year beginningYour first name and…

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