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Carefully organize and label your work. Include calculation details for full credit. Round all answers to the nearest dollar. No calculations = No credit. Your
Carefully organize and label your work. Include calculation details for full credit. Round all answers to the nearest dollar. No calculations = No credit. Your clients, Steve and Stacey, both 40, file their return as married filing jointly. In the current year, they have adjusted gross income (AGI) of $780,000, which includes net business income from Steve's sole proprietorship of $150,000. Their total itemized deductions are $32,500 and deductions "For" AGI are \$0. Included in their AGI are qualified dividends of $8,000, non-qualified dividends of $2,500 and a long-term capital gain of $10,000. They do not have any dependents. They paid federal estimated income taxes of $98,000. Stacey withheld state income taxes of $50,000 and federal income taxes of $90,000 from her salary. What is Steve and Stacey's federal taxable income, tax liability and amount due/refund? (Make sure these are all clearly labeled!)
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