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Andy and Marcia Tufts both age 35 are married with two dependent children and file a joint return. From the following information compute their tax

Andy and Marcia Tufts both age 35 are married with two dependent children and file a joint return. From the following information compute their tax owed or refund due for 2015. 1040 Form as well as forms , A, B.

  • Andy'ssalary50,000
  • Federal income tax withheld 4,000
  • Marcia's Salary 42,000
  • Federal income tax withheld 3,500
  • Andy's contribution to an IRA (assume IRA is deductible from AGI) 2,000
  • Dividends received from domestic corporations 950
  • Medical expenses for doctors and hospitals 8,200
  • Premiums for health insurance 2,600
  • Prescription drugs and medicines 800
  • Eyeglasses for one of their children 175
  • Interest on home mortgage 7,800
  • Interest on credit cards 300
  • Real property taxes on residence 2,300
  • State income taxes 2,800
  • Fee for preparation of tax returns 125
  • Union dues and subscriptions 480

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