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Also from MicroSoft I was paid $237.30 for transport of myself and my car to New Mexico and $403.85 for moving my possessions, plus $200 to cover unused rent in Redondo, plus $500 as a medical expense payment. None of this was taxed.
There was also FICA tax on 17700 of 1115.16, as reported on W-2, but $48.65 had been repaid to cover too much FICA withheld. So the FICA tax was $1066.51.
Additionally, I received the following income on top of the base:
Capital Gain on 6800 Basic ..... 4500.00
Capital Loss on Timberline .. − 2375.00
..................................... [total] 2125.00
Federal tax at ½ of 50% .......... − 531.25
NM tax at ½ of 8% ................... − 85.00
..................................... [total] 1508.75
EDITX / ADP ................... 1280.12
Distribution from RMC ...... 371.94
.............................. [total] 1652.06
Fed tax at 50% .................. − 826.03
NM tax at 8% ................... − 132.17
................................ [total] 693.86
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Before showing that this ties in with Federal and State tax returns, for 1978, it is necessary to compute the remaining tax on RMC income, and to determine its effect on cash flow of this accounting period which began after RMC ended.
There was $28.06 left in the 50% category, but this was partly used up by
Capital Gains 1062.50
EDITX 1280.12
Distrib 371.94
leaving $91.44 of the 50% bracket still useable by RMC. The rest was taxed at 55%. So total federal tax on RMC income earned prior to move to ABQ is
.50 * 91.44 + .55 * (1590.91 - 91.44) = 870.43
Now at RMC, there was withheld
439.73 federal tax 96.25 excess FICA 535.98 [total]
So from this accounting periods viewpoint there was 870.43 less 535.98 or 334.45 to be paid.
