Today is your lucky day. Your parents have decided that you will prepare their 2013 Federal income tax return. They made this decision because they trust you, just like the certified public accountant (CPA) is a trusted professional. They felt that hiring a CPA to prepare their return is too costly and believe you can do it better. Here is your chance.You would need to enter your father\'s and mother\'s first and last name, as well as their social security numbers in the area provided. Do not worry about this for today.Next, we will assume that they will file a joint return. For married persons, filing jointly usually results in paying the least amount of tax.The IRS has decided that every person has some value, so check boxes 6a and 6b for your parents. Even you add something to society, so list your first and last name on line 6c. Again, do not worry about any social security numbers and disregard column (3). Now complete the total exemptions on the right side of line 6. Do NOT include any of your siblings as exemptions.Now, we separate the men from the boys (and the women from the girls). Here is the information needed to prepare your parents\' 2013 Federal income tax return:Your dad, age 45, is employed by \"Dads that Dance\". He received $47,875 in wages in 2013. Since he knew he had to pay Federal income taxes, he had $4,000 of Federal taxes and $3,000 of New York State taxes deducted from his pay during the year. Your mom, age 44, is the lead singer in a rap band. She works for a company called \"Moms that Rap\". During 2013, she also earned $47,875 but had $3,000 of Federal taxes and $3,500 of New York State taxes withheld.Your parents have $10,000 on deposit at a local bank. They know that it is important to save money and not to spend all that you have. During 2013, their account earned $1,000 from their savings account at JP Morgan Chase bank. They were comforted knowing that their deposits were FDIC insured.Your...
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