Bev and Ken Hair have been married for 3 years #763

Bev and Ken Hair have been married for 3 years. They live at 3567 River Street, Springfield,
MO 63126. Ken is a full-time student at Southwest Missouri State University (SMSU) and Bev
works as an accountant at Cypress Corporation. Bev'sSocial Security number is 465-74-3321
and Ken's is 465-57-9934. Bev's earnings and income tax withholdings for 2012 are:Earnings
from Cypress Corp.......................................$50,000Federal income tax
withheld..........................................5,500State income tax
withheld................................................675The Hairs have interest income of $1,000 on City of
St. Louis bonds. During 2012, Bev and Ken received the following 1099-INT and DIV:Ken is an
excellent student at SMSU. He was given a $1,750 scholarship by the university to help pay
educational expenses. The scholarship funds were used by Ken for tuition and books. Ken also
had a part-time job at SMSU. He was paid $2,525 on a W-2 for helping out in the Dean's office.
There was no income tax withheld on the amount paid to Ken from this job.Last year, Bev was
laid off from her former job and was unemployed during January 2012. She was paid $1,825 of
unemployment compensation until she started work with her current employer, Cypress
Corporation. Ken has a 4-year-old son, Robert R. Hair, from a prior marriage. During 2012, he
paid his ex-wife $300 per month in child support. Robert is claimed as a dependent by Ken's ex-
wife.During 2012, Ken's aunt died. The aunt, in her will, left Ken $15,000 in cash. Ken deposited
this money in the SMSU Credit Union account.Required:Complete the Hair's federal tax return
for 2012. Use Form 1040A and the worksheet on pages 2-45 through 2-47. Make realistic
assumptions about any missing data.View Solution:
Bev and Ken Hair have been married for 3 years

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