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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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