NTTC Workbook Answers TY24 rev. 2025-01-10.xlsx

	A	B	C	D	E	F	G	H	I	J	K	L	M
1	2024 Workbook Using Practice Lab 2024 and 2024 Sales Tax Table	Line #	Allman	Allman (2)	Baxter	Baxter (2)	Caramel	Caramel(2)	Davis	Davis (2)	Egret	Egret (2)

2			Core	Core	Core	Core	Core	Core	Core	Core	Core	Core
3	Filing status		S	S	S	S	MFJ	MFJ	HOH	HOH	MFJ	S
4	Wages, etc.	1z	61,686	61,686	27,567	27,567			25,000	25,000
5	Tax-Exempt Interest	2a				100
6	Taxable Interest	2b		116		3,200					1
7	Qualified Dividends	3a		120
8	Ordinary Dividends	3b		120
9	IRA Distributions	4a								12,000
10	Taxable IRA Distributions	4b										12,000
11	Pensions and Annuities	5a										22,097
12	Taxable Pensions & Annuities	5b						25,800				20,001
13	Social Security	6a					43,240	43,240	26,000	26,000	26,000	26,000
14	Taxable Social Security	6b						9,332	7,900	7,900		13,851
15	Capital Gain or (Loss)	7						500
16	*Sch 1 line 10 Additional Income	8	0	0	0	7,500	0	1,500	0	0	0	0	from Sch 1 line 10
17	Total Income	9	61,686	61,922	27,567	38,267	0	37,132	32,900	32,900	1	45,852	calculated
18	*Sch 1 line 26 Adjustments	10	0	2,500	0	20	0	1,500	0	0	0	0	from Sch 1 line 26
19	AGI	11	61,686	59,422	27,567	38,247	0	35,632	32,900	32,900	1	45,852	calculated
20	Standard/ Itemized Deductions	12	14,600	14,600	14,600	14,600	33,850	33,850	23,850	23,850	30,750	22,700
21	Qualified Business Income Ded	13
22	Taxable income	15	47,086	44,822	12,967	23,647	0	1,782	9,050	9,050	0	23,152	calculated
23	Tax	16	5,417	5,135	1,325	2,603		179	908	908		2,549
24	Excess APTC (Sch 2)	17
25	Child/dependent tax credits	19							908	778
26	*Sch 3 Nonrefundable Credits	20	0	300	200	500	0	0	0	130	0	0	from Sch 3 line 8
27	*Sch 2 line 21 Other Taxes	23	0	0	0	0	0	212	0	0	0	0	from Sch 2 line 21
28	Total tax	24	5,417	4,835	1,125	2,103	0	391	0	0	0	2,549	calculated
29	Federal Tax Withheld	25d	5,236	5,236	1,400	2,150	120	120	500	500		600
30	Estimated tax payments	26						300
31	EIC	27							2,582	2,582
32	Additional Child Tax Credit	28							1,092	1,222
33	American Opportunity Credit	29
34	*Sch 3 Credits/Payments	31	0	0	0	0	0	0	0	297	0	0	from Sch 3 line 15
35	Total payments	33	5,236	5,236	1,400	2,150	120	420	4,174	4,601	0	600	calculated
36	Amount Overpaid(Refund)	34		401	275	47	120	29	4,174	4,601			calculated
37	Amount You Want Refunded	35a		401	275	47	120	29	4,174	4,601
38	Amount You Owe	37	(181)								0	(1949)	calculated
39	*Sch 1 Taxable Refund	S1-1
40	Alimony received	S1-2a
41	Schedule C	S1-3						1,500
42	Sch. C Expenses	S C 28						500
43	Rent, royalty	S1-5
44	Unemployment	S1-7				7,500
45	Other income (total line 8)	S1-9
46	Total Additional Income	S1-10	0	0	0	7,500	0	1,500	0	0	0	0	calculated
47	Educator Expense	S1-11
48	Health Savings Account Ded	S1-13
49	Ded Part of SE tax	S1-15						106
50	Self Employment Health Ins	S1-17						1,394
51	Penalty early withdrawal	S1-18
52	Alimony paid	S1-19a
53	IRA deduction	S1-20				20
54	Student Loan Interest	S1-21		2,500
55	Jury duty pay to employer	S1-24a
56	Total Adjustments	S1-26	0	2,500	0	20	0	1,500	0	0	0	0	calculated
57	*Sch 2 Self Employment Tax	S2-4						212
58	Unreported SS tax	S2-5
59	Additional Tax on IRAs, etc.	S2-8
60	Repayment of FTHBC	S2-10
61	Total other taxes	S2-21	0	0	0	0	0	212	0	0	0	0	calculated
62	*Sch 3 Foreign Tax Credit	S3-1
63	Child & Dependent Care	S3-2								130
64	Education Credit - F8863	S3-3				300
65	Retirement Savings Credit	S3-4			200	200
66	Residential energy Credits	S3-5b		300
67	Other nonrefundable credits	S3-7
68	Total nonrefundable credits	S3-8	0	300	200	500	0	0	0	130	0	0	calculated
69	Net Premium Tax Credit	S3-9								297
70	Other payments, credits	S3, 10-14
71	Total other pymts/refundable credits	S3-15	0	0	0	0	0	0	0	297	0	0	calculated
72	*Schedule A Medical	S A 4					4,192	126			2,096
73	Taxes you paid (w/ zip 28145)	S A 7	4,470	4,470	900	900			250	250		10,000
74	Interest	S A 10										7,500
75	Gifts to charity	S A 14										5,200
76	Other Itemized Deductions	S A 16
77	Total Itemized Deductions	Sch A 17	4,470	4,470	900	900	4,192	126	250	250	2,096	22,700	calculated
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