59. Martin S. Albert (Social Security number 111-11-1111) is 39years old and is marriedto Michele R. Albert (Social Securitynumber 123-45-6789). The Alberts live at 512Ferry Road, NewportNews, VA 23601. They file a joint return and have two depend-entchildren, Charlene, age 17, and Jordan, age 18. Charlene’s SocialSecurity num-ber is 123-45-6788, and Jordan’s Social Securitynumber is 123-45-6787. In 2015,Martin and Michele had the followingtransactions:
a. Martin received $120,000 in salary from Red SteelCorporation, where he is a con-struction engineer. Withholding forFederal income tax was $10,750. The amounts withheld for FICA taxeswere as follows: $7,049 ($113,700 x 6.2%) for SocialSecurity and$1,740 ($120,000 x 1.45%) for Medicare. Martin worked in MexicofromJanuary 1, 2014, until February 15, 2015. His $120,000 salary for2015 includes $18,000 he earned for January and one-half ofFebruary 2015 while working in Mexico.
b. Martin and Michele received $800 in qualified dividends onGreen, Inc. stock and $400 interest on Montgomery County (Virginia)school bonds.
c. Martin received $2,300 interest from a Bahamian bankaccount.
d. Michele received 50 shares of Applegate Corporation commonstock as a stockdividend. The shares had a fair market value of$2,500 at the time Michelereceived them, and she did not have theoption of receiving cash.
e. Martin and Michele received a $1,200 refund on their 2014Virginia income taxes.Their itemized deductions in 2014 totaled$14,000.
f. Martin paid $6,600 alimony to his former wife, Rose T. Morgan(Social Security number 123-45-6786).
g. Martin and Michele kept the receipts for their sales taxespaid of $1,100.
h. Martin and Michele’s itemized deductions were as follows:
• State income tax paid and withheld totaled $5,100.
• Real estate taxes on their principal residence were$3,700.
• Mortgage interest on their principal residence was $2,500.
• Cash contributions to the church totaled $2,800.
Part 1—Tax Computation Compute the Alberts’s net tax payable (orrefund due) for 2013.
COMPLETE FORM 1040
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