I:2-48 Computation of Additional Tax Due or Refund. John and Georgia are married, file jointly, and have
Question:
I:2-48 Computation of Additional Tax Due or Refund. John and Georgia are married, file jointly, and have three dependents (qualifying children ages 13, 16, and 18). They have salaries of $130,000, a capital loss of $8,000, and tax-exempt interest income of $1,000.
They paid home mortgage interest of $10,000, state income taxes of $4,000, property taxes of $2,800, medical expenses of $3,000, and charitable contributions of $5,000.
Federal income taxes of $11,000 were withheld from their paychecks. Compute the additional tax due or refund they have when filing their tax return.
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Related Book For
Pearsons Federal Taxation Corporations Partnerships Estates And Trust 2023
ISBN: 9780137730391
36th Edition
Authors: KENNETH E. ANDERSON, DAVID S. HULSE, TIMOTHY J. RUPERT Richard J. Joseph LeAnn Luna
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