1994 YEAR=v For YEAR= 1994 * C O N F I D E N T I A L -- -- -- -- *============= 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 a8=v Other taxes a8= 0 a9=a5+a6+a7+a8 a9= 2741 2910 a14=v (example) a14= 2910 828 a15=v Charitable Contributions a15= 828 a18=a15 a18= 828 3640 a19=v casualty or theft loses a19= 3640 760 a20=v unreimbursed employee expenses a20= 760 0 a21=v investment expense a21= 0 a23=a20+a21+a22 a23= 760 33350 a24=V value of T32, seen later a24= 33350 a25=trunc(a24*.02+.005,2) a25= 667.00 a26=a23-a25 a26= 93.00 if value("a26") < 0 then a26 = 0 a26=a26 a26= 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+a9+a14+a18+a19+a26+a27+a28 a26= 10275.00 t34=a26 Also enter amount on 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")<22750 then approx=trunc(.15*(mid),2) * Calculation for the 28% bracket is approx=... *** *** if value("t37") > 22750 then approx=3412.50+.28*(mid-22750) * Calculation for the 31% bracket is approx=... *** *** if value("t37") > 55100 then approx=12470.50+.31*(t37-55100) * Calculation for the 36% bracket is approx=... *** *** if value("t37") > 115000 then approx=31039.50+.36*(t37-115000) * Calculation for the 39.6% bracket is approx=... *** *** if value("t37") > 250000 then approx=79639.5+.39.6*(t37-250000) * 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= 1994 * set Konstants xemptions=xemptions Married plus four deduct. xemptions= 6 .zero NJ17 NJ18 nu19c NJ20 .zero NJ14 NJ15a NJ16 NJ17 NJ18 NJ19c NJ20 NJ26 * 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) NJ25=20.80 Other income (jury duty) NJ25= 20.80 NJ26=0+NJ25 NJ26= 20.80 NJ27a=NJ14+NJ15a+NJ16+NJ17+NJ18+NJ19c+NJ20+NJ26 NJ27a= 26025.80 NJ27c=NJ27a NJ27c= 26025.80 NJ28a=xemptions*1000.00 01 x $1000. NJ28a= 6000.00 NJ28b=0 no xemptions on 12b NJ28b= 0 NJ28c=NJ28a+NJ28b NJ28c= 6000.00 NJ31=NJ28c NJ31= 6000.00 NJ32=NJ27c-NJ31 NJ32= 20025.80 if NJ32>0 then NJ33=trunc((.019*NJ32-0000)+.005,2) if NJ32>0 then rate=.019 * Get tax from Rate Schedule (Single) if NJ32>20000 then NJ33=trunc((.02375*NJ32-95)+.005,2) if NJ32>20000 then rate=.2375 if NJ32>35000 then NJ33=trunc((.0475*NJ32-926.25)+.005,2) if NJ32>35000 then rate=.0475 if NJ32>40000 then NJ33=trunc((.06175*NJ32-1496.25)+.005,2) if NJ32>40000 then rate=.06175 if NJ32>75000 then NJ33=trunc((.0665*NJ32-1852.50)+.005,2) if NJ32>75000 then NJ33=.0665 single=NJ33 single= 400.65 rate=rate rate= .25 * Get tax from Rate Schedule (Married) if NJ32>20000 then NJ33=trunc((.02375*NJ32-95)+.005,2) if NJ32>20000 then rate=.02375 if NJ32>50000 then NJ33=trunc((.03325*NJ32-570.00)+.005,2) if NJ32>50000 then rate=.03325 if NJ32>70000 then NJ33=trunc((.0475*NJ32-1567.50)+.005,2) if NJ32>70000 then rate=.0475 if NJ32>80000 then NJ33=trunc((.06175*NJ32-2707.50)+.005,2) if NJ32>80000 then NJ33=.06175 if NJ32>150000 then NJ33=trunc((.0665*NJ32-3420.00)+.005,2) if NJ32>150000 then NJ33=.0665 married=NJ33 married= 400.65 rate=rate rate= .025 if xemptions = 1 then NJ33=single if xemptions > 1 then NJ33=married * NJ33=trunc(NJ33,0) example used whole dollars * Using tax calculated for line NJ33 NJ33=NJ33 NJ33= 400.65 NJ35=NJ33 NJ35= 400.65 NJ37=NJ35 NJ37= 400.65 NJ38=NJ37 NJ38= 400.65 437.77 NJ39=v INCOME TAX WITHHELD NJ39= 437.77 NJ43=NJ39+0 NJ43= 437.77 *** If amount is owed payable to New Jersey TGI NJ44=NJ38-NJ43 AMOUNT OWED TO NJ, IF > ZERO NJ44= -37.12 NJ45=NJ43-NJ38 Amount OVERPAID, IF > ZERO NJ45= 37.12 NJ48=NJ45 REFUND if > ZERO NJ48= 37.12 *** *** NJ -- Homestead Property Tax Rebate application *** Line 5 -- Homeowner *** Line 6 -- Block xx, Lot xxx ho1=NJ27c 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