3. Complete a 2020 tax return for a married couple, MF) status ME) with 3 minor dependent children Recelved life Insurance proceeds from a friend who passed away 170,000 Spouse 1 salary 420,000 Spouse 2 salary 310,000 Social security taxes appropriately taken out: 6.2% up to 137,700 Medicare taxes appropriately taken out: 1.45% on all income No potential Additional Medicare Tax was witheld from elther spouse Interest income on corporate bonds 3,250 Interest income on tax free municipal bonds 2,900 Qualified dividend income 21,000 Non Qualified dividend income 4,000 IRA Contribution (payment) 4,900 Proceeds from stock sold that was purchased 4 years ago 180,000 Cost of that stock 4 years ago 40,000 Medical expenses 15,500 Home mortgage Interest 22,000 State Income taxes withheld spouse 1 12,000 State Income taxes withheld spouse 2 11,500 Local property taxes 19,000 Charitable contributions 5,500 Tax preparation fees 5,100 Unrelmbursed job expenses 2,740 Federal taxes withheld spouse 1 130,000 Federal taxes withheld spouse 2 107,000 4. Break down how much tax was saved by having a lower rate on capital gains and dividends (the tax owed before additional Medicare and NIIT) 3. Complete a 2020 tax return for a married couple, MF) status ME) with 3 minor dependent children Recelved life Insurance proceeds from a friend who passed away 170,000 Spouse 1 salary 420,000 Spouse 2 salary 310,000 Social security taxes appropriately taken out: 6.2% up to 137,700 Medicare taxes appropriately taken out: 1.45% on all income No potential Additional Medicare Tax was witheld from elther spouse Interest income on corporate bonds 3,250 Interest income on tax free municipal bonds 2,900 Qualified dividend income 21,000 Non Qualified dividend income 4,000 IRA Contribution (payment) 4,900 Proceeds from stock sold that was purchased 4 years ago 180,000 Cost of that stock 4 years ago 40,000 Medical expenses 15,500 Home mortgage Interest 22,000 State Income taxes withheld spouse 1 12,000 State Income taxes withheld spouse 2 11,500 Local property taxes 19,000 Charitable contributions 5,500 Tax preparation fees 5,100 Unrelmbursed job expenses 2,740 Federal taxes withheld spouse 1 130,000 Federal taxes withheld spouse 2 107,000 4. Break down how much tax was saved by having a lower rate on capital gains and dividends (the tax owed before additional Medicare and NIIT)