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Any help would be greatly appreciated, thank you! Sandy and John Ferguson got married eight years ago and have a seven-year-old doughter, Samantha. In 2023,
Any help would be greatly appreciated, thank you!
Sandy and John Ferguson got married eight years ago and have a seven-year-old doughter, Samantha. In 2023, Sandy worked as a computer technicion at in locht university earning a salary of $154,400, and John worked part time as a receptionist for a low firm, earning a salary of $31,400. Sandy also does some Web design work on the side and reported revenues of $6,400 and associated expenses of $1,950. The Fergusons recolved $1,280 in qualified dividends and a $320 refund of their state income taxes. The Fergusons alwoys itemize their deductions, get the full benefit of dedvicting the entire amount of state income taxes paid, and their itemized deductions were well over the standard deduction amoint last year Use Ext bit 8-10. Tax Rate Schedule. Dividends and Capital Gains Tax Rates, 2023 AMT exemption for reterence. The ferousons reported making the following payments during the year: - State income taxes of $5,000 Federal tax withholding of $21,000 - Alimony poyments to Sandy's former spouse of $11,200 (divorced 12/31/2014). - Child support payments for Sandys child with her former spouse of $4,340. - $12,440 of real property taxes. - John was reimbursed $720 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer. - \$3,600 to Kid Care day care center for Samantha's care while Sandy and John worked. - $16,400 interest on their home mortgage (\$400,000 acquisition debt? : $3,360 interest on a $44,800 home-equity loan. They used the loan to pay for a family vacation and new cat. - $16,200 cash charitable contributions to qualified charities. - Donation of used furniture to Goodwill. The furniture had a fair market value of $640 and cost $3,200. Comprehensive Problem 8-85 Part a (Algo) a. What is the Fergusons' 2023 federal income taxes payable or refund, including ariy self-employment tax and AMr, if applicable? Note: Round your intermediate computations to the nearest whole dollar amount Step by Step Solution
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