1993 YEAR=v For YEAR= 1993 *============= use FED1040 macro to update result figures ===================== *============= figures and coding must be changed to match your use =========== *============= tax table calculation may have to be rearranged depending ====== *============= on whether using Single or Married tables. ===================== 6 xemptions=v Married, exemptions checked off xemptions= 6 * zero out t0,t1,t2,...t100, a0,...,a100,d0,...,d100,temp25 .zero .t .a .d temp25 * show value of selected variables notev t4 t5 x4 x5 temp25 *NOTE== t4=0 t5=0 x4=X4 x5=X5 temp25=0 *======================= SCHEDULE A -- Itemized Deductions ==================== 63 a4=v (example) a4= 63 1301 A5=v State and local income (not refunds) A5= 1301 1440 A6=V Real Estate taxes A6= 1440 0 a7=v Other taxes a7= 0 a8=a5+a6+a7 a8= 2741 2910 a12=v (example) a12= 2910 828 a13=v Charitable Contributions a13= 828 a16=a13 a16= 828 3640 a18=v moving expenses a18= 3640 760 a19=v unreimbursed employee expenses a19= 760 0 a20=v investment expense a20= 0 a21=a19+a20 a21= 760 33350 a22=V value of T32, seen later a22= 33350 a23=trunc(a22*.02+.005,2) a23= 667.00 a24=a21-a23 a24= 93.00 if value("a24") < 0 then a24 = 0 a24=a24 a24= 93.00 *--------------------------------------------------------------------- * Item 25 -- Other Miscellaneous deductions, List temp25= 0 * Workforce Development Partnership Fund/HCS * (not actually entered because not sure of entry, * even if it would be correct, wouldn't make any * changes to the tax already written and signed.) *96.60 temp25=temp25+v NJHCS Health Care Subsidy a25=temp25 a25= 0 a26=A4+A8+a12+a16+a17+a18+a24+a25 a26= 10275.00 t34=a26 Also enter amount one 1040 line t34= 10275.00 *======================= SCHEDULE B -- Interest and Dividend Income =========== * John Doaks 488-48-4888 430.00 B2=v Interest Income (Attachment A-1) B2= 430.00 750.00 B6=V Dividend Income (Attachment A-1) B6= 750.00 60 b7=v Capital Gain distrib. (A-1) b7= 60 10 b8=v Nontaxable Distributions b8= 10 b9=b7+b8 b9= 70 b10=b6-b9 b10= 680.00 *======================= FEDERAL 1040 -- Income Tax =========================== 20940 T7=v Wages (W-2) T7= 20940 t8a=b2 t8a= 430.00 t9=b10 t9= 680.00 110 t10=v Previous year State Tax refund t10= 110 1900 t13=v Capital Gain(Loss) from D18 t13= 1900 2100 t17b=v t17b= 2100 10500 t18=v From Sched E (if attached) t18= 10500 50.00 t22=v Other income -- Contest prize t22= 50.00 t23=t7+t8a+t9+t10+t13+t17b+t18+t22 t23= 36710.00 3360 t30=v t30= 3360 t31=t23-t30 t31= 33350.00 t32=t31 t32= 33350.00 t34=t34 from Schedule A (6144.40) t34= 10275.00 t35=t32-t34 t35= 23075.00 t36=2350*xemptions t36= 14100 t37=t35-t36 Look Up this line in tax Table> t37= 8975.00 * Tax Tables use $50 increments, based on mid-point mid=trunc((t37-t37//50+25),2) mid= 8975.00 * *** *** * Calculation for the 15% bracket is approx=... *** *** if value("t37")<22100 then approx=trunc(.15*(mid),2) * Calculation for the 28% bracket is approx=... *** *** if value("t37") > 22100 then approx=3315+.28*(mid-22100) * Calculation for the 31% bracket is approx=... *** *** if value("t37") > 53500 then approx=12107+.31*(t37-53500) * for taxable income line 37, expect the tax * table to show the following amount approx=trunc(approx+.005,2) approx= 1346.25 * Now look it up and enter below. * Now look it up in table and enter real tax amount below * For this example T38 will be filled in for you. t38=approx-approx//1 t38= 1346.00 0 t39=v Additional Taxes t39= 0 t40=t38+t39 t40= 1346.00 0 t43=v Foreign Tax credit form 1116 t43= 0 1200 t44=v Form 8834 attached for credits t44= 1200 t45=t43+t44 t45= 1200 t46=t40-t45 t46= 146.00 919 t47=v (example, self-employment tax) t47= 919 t53=t46+t47+t48+t49+t50+t51+t52 t53= 1065.00 2287.78 t54=v Amount WITHHELD t54= 2287.78 t60=t54 t60= 2287.78 t62=t60-t53 REFUND if greater than ZERO t62= 1222.78 * * * ==================== New Jersey 1040 ==================================== * ==================== New Jersey 1040 ==================================== YEAR=YEAR For YEAR= 1993 * set Konstants xemptions=xemptions Married plus four deduct. xemptions= 6 .zero NJ17 nj18 nu19c nj20 .zero NJ14 NJ15a NJ16 NJ17 NJ18 NJ19c NJ20 NJ25 * end of Konstants and initialization * NJ Schedule B ==================================================== >>> NJB1=(-900)+2800 NJB1= 1900 * comprised of Short term capital gains * and long term capital gains, 60 NJB2=v Capital Gains Distributions NJB2= 60 njb4=NJB1+njb2 njb4= 1960 * NJ Schedule 1040 main sheet(s) =================================== 5 NJ15b=v Tax exempt interest income NJ15b= 5 * from K-1, do not include on NJ15a * NJ6=xemptions NJ6= 6 NJ12a=xemptions NJ12a= 6 22940.00 NJ14=v Taxable NJ income (W-2) NJ14= 22940.00 NJ15a=b2-NJ15b taxable interest income NJ15a= 425.00 NJ15b=NJ15b tax exempt interest NJ15b= 5 NJ16=T9 Ordinary dividend income NJ16= 680.00 nj18=njb4 NJ SCHEDULE B line 4 nj18= 1960 0 NJ20=v Distributive share of 1065 NJ20= 0 * (do not enter passive income on line 20) NJ24=20.80 Other income (jury duty) NJ24= 20.80 NJ25=0+NJ24 NJ25= 20.80 NJ26a=NJ14+NJ15a+NJ16+NJ17+NJ18+NJ19c+NJ20+NJ25 NJ26a= 26025.80 NJ26c=NJ26a NJ26c= 26025.80 NJ27a=xemptions*1000.00 01 x $1000. NJ27a= 6000.00 NJ27b=0 no xemptions on 12b NJ27b= 0 NJ27c=NJ27a+NJ27b NJ27c= 6000.00 NJ30=NJ27c NJ30= 6000.00 NJ31=NJ26c-NJ30 NJ31= 20025.80 if nj31>0 then NJ32=trunc((.020*NJ31-0000)+.005,2) if nj31>0 then rate=.020 * Get tax from Rate Schedule (Single) if NJ31>20000 then NJ32=trunc((.025*NJ31-100)+.005,2) if NJ31>20000 then rate=.25 if NJ31>35000 then NJ32=trunc((.050*NJ31-975)+.005,2) if NJ31>35000 then rate=.05 if NJ31>40000 then NJ32=trunc((.065*NJ31-1575)+.005,2) if NJ31>40000 then rate=.065 if NJ31>75000 then NJ32=trunc((.070*NJ31-1950)+.005,2) if NJ31>75000 then NJ32=.070 single=nj32 single= 400.65 rate=rate rate= .25 * Get tax from Rate Schedule (Married) if NJ31>20000 then NJ32=trunc((.025*NJ31-100)+.005,2) if NJ31>20000 then rate=.025 if NJ31>50000 then NJ32=trunc((.035*NJ31-600)+.005,2) if NJ31>50000 then rate=.035 if NJ31>70000 then NJ32=trunc((.050*NJ31-1650)+.005,2) if NJ31>70000 then rate=.050 if NJ31>80000 then NJ32=trunc((.065*NJ31-2850)+.005,2) if NJ31>80000 then rate=.065 if NJ31>150000 then NJ32=trunc((.070*NJ31-3600)+.005,2) if NJ31>150000 then rate=.07 married=nj32 married= 400.65 rate=rate rate= .025 if xemptions = 1 then nj32=single if xemptions > 1 then nj32=married * nj32=trunc(nj32,0) example used whole dollars * Using tax calculated for line NJ32 NJ32=NJ32 NJ32= 400.65 NJ34=NJ32 NJ34= 400.65 NJ36=NJ34 NJ36= 400.65 NJ37=NJ36 NJ37= 400.65 437.77 NJ38=v INCOME TAX WITHHELD NJ38= 437.77 NJ42=NJ38+0 NJ42= 437.77 *** If amount is owed payable to New Jersey TGI NJ43=NJ37-NJ42 AMOUNT OWED TO NJ, IF > ZERO NJ43= -37.12 NJ44=NJ42-NJ37 Amount OVERPAID, IF > ZERO NJ44= 37.12 NJ47=NJ44 REFUND if > ZERO NJ47= 37.12 *** *** NJ -- Homestead Property Tax Rebate application *** Line 5 -- Homeowner *** Line 6 -- Block xx, Lot xxx ho1=NJ26c ho1= 26025.80 ho3=ho1 ho3= 26025.80 2784.15 HO8=v HO8= 2784.15 * *===================================================== CLGains=-9313.88+17233.89 CLGains= 7920.01 CSGains=-4546+385 CSGains= -4161 TotCGains=CLGains+CSGains TotCGains= 3759.01 *===================================================== * The following should MATCH each other... * New Jersey will not Match in this Example because * there is no New Jersey example to match Fed 1040 example notev t13 d18 *t13=1900 d18=0 * diff=t13-d18 notev b7 njb2 *NOTE== *b7=60 njb2=60 diff=b7-njb2 diff= 0 notev nj16 t9 *NOTE== *nj16=680.00 t9=680.00 diff=nj16-t9 diff= 0