Appendix 2 -- Individual Case Study Tax Return Details

 

Case Studies -- Under Age 65

Single Return


Case #1


Case #2


Case #3


Case #4


Case #5


Income:











Salary & Wages

$7,740


$18,100


$34,906

6

$56,998

6

$110,784

6

Interest



$75


$250


$800


$1,800


Dividends





$0


$400


$2,200


Capital Gains





$0


$300


$1,000













Schedule C



$1,000


$2,500




























Total Income

$7,740


$19,175


$37,656


$58,498


$115,784













Adjustments:











IRA/Keogh/401K

$0


$0


$1,289


$5,053


$7,500


1/2 FICA/Medic.

$0


$71


$177


$0


$0


A.G.I.

$7,740

1

$19,104

4

$36,190


$53,445


$108,284













Deductions:











Exemptions

1


1


1


1


1


Standard

x


x


x






Itemized







x


x













Federal Tax

$ 201


$ 2,050


$ 5,655


$ 7,710


$ 17,349


EITC

($ 115)


0


0


0


0


Net Fed Tax

$ 86


$ 2,050


$ 5,655


$ 7,710


$ 17,349













Vermont Tax

$ 50


$ 477


$ 1,326


$ 1,928


$ 4,337


EITC

($ 29)


0


0


0


0


Net Vermont Tax

$ 21


$ 477


$ 1,326


$ 1,928


$ 4,337













Rent/Tax Paid

$ 3,900


$ 5,165


$ 9,830


$ 2,800


$ 9,000


Certif. Amount

$ 702


$ 930


$ 1,769






Rent/Tax Rebate

$ 416


$ 47


$ 93


$ 0


$ 0
























1 - 100% of Federal Poverty Level

4 - 250% of federal Poverty Level

6 - Vermont 1994 Average for this Category


Case Studies -- Under Age 65

Married, Joint Return


Case #7


Case #8


Case #9


Case #26


Case #27

Income:










Salary & Wages

$18,220


$34,906

6

$56,998

6

$153,044


$231,939

Interest

$75


$250


$800


$8,576


$27,246

Dividends



$0


$400


$14,717


$45,590

Capital Gains



$0


$300


$30,453


$131,568











Schedule C

$1,000


$2,500

















Total Income

$19,295


$37,656


$58,498


$206,790


$436,343











Adjustments:










IRA/Keogh/401K

$0


$1,289


$5,053


$14,837


$14,837

1/2 FICA/Medic.

$71


$177







A.G.I.

$19,224

2

$36,190


$53,445


$191,953


$421,506











Deductions:










Exemptions

3


4


4


3


3

Standard

x









Itemized



x


x


x


x











Federal Tax

$ 918


$ 1,917


$ 3,671


$ 41,926


$ 105,261

EITC

($826)


0


0


0


0

Net Fed Tax

$ 92


$ 1,917


$ 3,671


$ 41,926


$ 105,261











Vermont Tax

$ 194


$ 391


$ 918


$ 10,482


$ 26,315

EITC

($ 207)


0


0


0


0

Net Vermont Tax

($ 13)


$ 391


$ 918


$ 10,482


$ 26,315











Rent/Tax Paid

$ 5,165


$ 2,364


$ 4,500


$ 7,000


$12,000

Certif. Amount

$ 930









Rent/Tax Rebate

$ 38


$ 735


$ 0


$ 0


$ 0











2 - 150% of Federal Poverty Level

6 - Vermont 1994 Average for this Category


Case Studies -- Under Age 65

Married, Separate Return


Case #11


x

x

x

x

Income:







Salary & Wages

$34,906

6





Interest

$250






Dividends

$0






Capital Gains




























Total Income

$35,156













Adjustments:







IRA/Keogh/401K

$0






1/2 FICA/Medic.







A.G.I.

$35,156













Deductions:







Exemptions

1






Standard







Itemized

x













Federal Tax

$ 3,982






EITC

0






Net Fed Tax

$ 3,982













Vermont Tax

$ 996






EITC

0






Net Vermont Tax

$ 996













Rent/Tax Paid

$ 2,346






Certif. Amount

0






Rent/Tax Rebate

0


No rebate because Spouse’s income must be added to form Household Income.

6 - Vermont 1994 Average for this Category


Case Studies -- Under Age 65

Head of Household Return


Case #13


Case #25

Case #24


Income:






Salary & Wages

$10,360


$18,000



Interest






Dividends






Capital Gains


















Total Income

$10,360

1

$18,000

$ 0








Adjustments:






IRA/Keogh/401K

$0





1/2 FICA/Medic.






A.G.I.

$10,360



$ 0








Deductions:






Exemptions

2


4

3


Standard

x


x

X


Itemized












Federal Tax

$ 0


$ 0

$ 0


EITC

($ 2,096)


($ 1,749)

0


Net Fed Tax

($ 2,094)


($ 1,749)

$ 0








Vermont tax

$ 0


$ 0

$0


EITC

($ 524)


($ 437)

0


Net Vermont Tax

($ 524)


($ 437)

$ 0








Rent/Tax Paid

$ 5,165


$ 5,165

$ 3,900


Certif. Amount

$ 930


$ 930

$ 702


Rent/Tax Rebate

$ 547


$ 99

$ 462


1 - 100% of Federal Poverty Level


Case Studies -- Over Age 65

Single Return


Case #16


Case #17


x

Income:






Salary & Wages



$1,389



Interest

$1,000


$1,100



Dividends

$833


$1,200



Capital Gains

$200


$400



Schedule C



$1,000



Total Soc. Sec.

$10,032

8

$11,382

8


Taxable Soc. Sec.

$0


$0



Total Pensions

$6,854

7

$11,665

7


Taxable Pensions

$5,707


$10,391



Total Income

$7,740


$15,480









Adjustments:

$0


$0



1/2 FICA/Medic.

$0


$71



A.G.I.

$7,740

1

$15,409

3








Deductions:






Exemptions

1


1



Standard

x


x









Federal Tax

$ 58


$ 1,353



EITC

0


0



Net Fed Tax

$ 58


$ 1,353









Vermont Tax

$ 15


$ 303



EITC

0


0



Net Vermont Tax

$ 15


$ 303









Rent/Tax Paid

$ 2,935


$ 4,880



Certif. Amount

$ 528


$ 878



Rent/Tax Rebate

$ 0


$ 0



1 - 100% of Federal Poverty Level

3 - 200% of Federal Poverty Level

7 - Pensions & Annuities

8 - Social Security


Case Studies -- Over Age 65

Married, Joint Return


Case #19


Case #21


Case #22


Case #23


Income:









Salary & Wages

$2,053


$13,507


$56,998

6

$46,461


Interest

$1,100


$1,500


$1,800


$8,800


Dividends

$1,200


$1,800


$2,700


$12,000


Capital Gains

$300


$600


$700


$3,200


Schedule C



$2,500






Total Soc. Sec.

$10,032

8

$10,772

8

$12,113

8

$14,936

8

Taxable Soc. Sec.

$0


$3,186


$10,296


$12,696


Total Pensions

$6,854

7

$16,372

7

$16,573

7

$44,470

7

Taxable Pensions

$5,707

7

$13,256

7

$12,133

7

$25,127

7

Total Income

$10,360

1

$36,349

5

$84,627


$108,284











Adjustments:

$0


$0


$0


$0


1/2 FICA/Medic.

$0


$177






A.G.I.

$10,360

1

$36,172

3

$84,627


$108,284


Deductions:









Exemptions

2


2


2


2


Standard

x


x






Itemized





x


x











Federal Tax

$ 0


$ 3,822


$ 13,697


$ 14,201


EITC

0


0


0


0


Net Fed Tax

$ 0


$ 3,822


$ 13,697


$ 14,201











Vermont Tax

$ 0


$ 867


$ 3,424


$ 3,550


EITC

0


0


0


0


Net Vermont Tax

$ 0


$ 867


$ 3,424


$ 3,550











Rent/Tax Paid

$ 2,935


$ 10,175


$ 2,800


$ 9,000


Certif. Amount

$ 528


$ 1,832


0


0


Rent/Tax Rebate

0


0


0


0


1 - 100% of Federal Poverty Level

5 - 350% of Federal Poverty Level

6 - Vermont 1994 Average for this category

7 - Pensions & Annuities

8 - Social Security