Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8.3, LO 8-4, LO 8-5) (AlgO) the following intormation applies to the questions displayed below] Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2023, Sandy worked as a computer technician at a local university earning a salary of $152,700, and John worked part time as a receptionist for a law firm, earning a salary of $29.700. Sandy also does some Web design work on the side and reported revenues of $4,700 and associated expenses of $51,100. The Fergusons recelved $940 in qualified dividends and a $235 refund of their state income taxes. The Fergusons always temize their deductions, get the full benefit of deducting the entire dmount of state income taxes paid, and their itemized deductions were well over the standard deduction amount The Fergusons reported making the following payments during the year: - State income taxes of $4.575. Federal tax withholaing of $21,000. - Alimony payments 10 Sandys former spouse of $10,350 (divorced 12312014 ) - Child support payments for Sandy's child with her former spouse of $4,170 - $12,270 of real property taxes. - John was reimoursed $635 for employee business expenses he incurred. He was requlred to provide documentation for the expenses to his employer. - \$3,600 to Kid Care day core center for Somantha's care while Sandy and John worked. - $14700 interest on their home mortgoge i $400,000 acquistion debt) - \$3,105 Interest on $41,400 nome-equity loen. They used the loon to pay for a farlily vacat on ond new car: - $15,350 cash chartable contributions to qualified charities. - Dopation of used furniture to Goodwili. The furniture hed a fair matket value of $470 and cost $2350. Comprehensive Problem 8-85 Port a (Algo) Note: Round your intermediate computations to the neorest whole dollar amount. EXHIBIT 8-10 2023 Earned Income Credit Table Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$ & $22,000 & 10% of taxable income \\ \hline$22,000 & $89,450 & $2,200 plus 12% of the excess over $22,000 \\ \hline$89,450 & $190,750 & $10,294 plus 22% of the excess over $89,450 \\ \hline$190,750 & $364,200 & $32,580 plus 24% of the excess over $190,750 \\ \hline$364,200 & $462,500 & $74,208 plus 32% of the excess over $364,200 \\ \hline$462,500 & $693,750 & $105,664 plus 35% of the excess over $462,500 \\ \hline$693,750 & - & $186,601.5 plus 37% of the excess over $693,750 \\ \hline \end{tabular} Schedule Z-Head of Household \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline \begin{tabular}{r} 50 \\ 9 \end{tabular} & $15,700 & 10% of taxable income \\ \hline$15.700 & $59,850 & $1,570 plus 12% of the excess over $15,700 \\ \hline$59,850 & $95,350 & $6,868 plus 22% of the excess over $59,850 \\ \hline$95,350 & $182,100 & $14,678 plus 24% of the excess over $95,350 \\ \hline$182,100 & $231,250 & $35,498 plus 32% of the excess over $182,100 \\ \hline$231.250 & $578,100 & $51,226 plus 35% of the excess over $231,250 \\ \hline$.578,100 & - & $172,623,5 plus 37% of the excess over $578,100 \\ \hline \end{tabular} Schedule I-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline 0 & $11000 & 10 of taxable income \\ \hline \$ 11,000 & 544.225 & $1,100 plus 12% of the excess over $11,000 \\ \hline 544,725 & $95,375 & $5,1+7 plus 22% of the excess over 5+4.725 \\ \hline$05,375 & $182,100 & 516,290 plus 24 of the excess over 595.375 \\ \hline$182100 & $231,250 & $37.10+ plus 32% of the excess over $18,100 \\ \hline 5231,250 & 5,3+6,875 & 552.$32 plus 35% of the excess over $231,250 \\ \hline \end{tabular} this rurpote) EXHIBIT 8-5 2023 AMT Exemptions Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8.3, LO 8-4, LO 8-5) (AlgO) the following intormation applies to the questions displayed below] Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2023, Sandy worked as a computer technician at a local university earning a salary of $152,700, and John worked part time as a receptionist for a law firm, earning a salary of $29.700. Sandy also does some Web design work on the side and reported revenues of $4,700 and associated expenses of $51,100. The Fergusons recelved $940 in qualified dividends and a $235 refund of their state income taxes. The Fergusons always temize their deductions, get the full benefit of deducting the entire dmount of state income taxes paid, and their itemized deductions were well over the standard deduction amount The Fergusons reported making the following payments during the year: - State income taxes of $4.575. Federal tax withholaing of $21,000. - Alimony payments 10 Sandys former spouse of $10,350 (divorced 12312014 ) - Child support payments for Sandy's child with her former spouse of $4,170 - $12,270 of real property taxes. - John was reimoursed $635 for employee business expenses he incurred. He was requlred to provide documentation for the expenses to his employer. - \$3,600 to Kid Care day core center for Somantha's care while Sandy and John worked. - $14700 interest on their home mortgoge i $400,000 acquistion debt) - \$3,105 Interest on $41,400 nome-equity loen. They used the loon to pay for a farlily vacat on ond new car: - $15,350 cash chartable contributions to qualified charities. - Dopation of used furniture to Goodwili. The furniture hed a fair matket value of $470 and cost $2350. Comprehensive Problem 8-85 Port a (Algo) Note: Round your intermediate computations to the neorest whole dollar amount. EXHIBIT 8-10 2023 Earned Income Credit Table Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$ & $22,000 & 10% of taxable income \\ \hline$22,000 & $89,450 & $2,200 plus 12% of the excess over $22,000 \\ \hline$89,450 & $190,750 & $10,294 plus 22% of the excess over $89,450 \\ \hline$190,750 & $364,200 & $32,580 plus 24% of the excess over $190,750 \\ \hline$364,200 & $462,500 & $74,208 plus 32% of the excess over $364,200 \\ \hline$462,500 & $693,750 & $105,664 plus 35% of the excess over $462,500 \\ \hline$693,750 & - & $186,601.5 plus 37% of the excess over $693,750 \\ \hline \end{tabular} Schedule Z-Head of Household \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline \begin{tabular}{r} 50 \\ 9 \end{tabular} & $15,700 & 10% of taxable income \\ \hline$15.700 & $59,850 & $1,570 plus 12% of the excess over $15,700 \\ \hline$59,850 & $95,350 & $6,868 plus 22% of the excess over $59,850 \\ \hline$95,350 & $182,100 & $14,678 plus 24% of the excess over $95,350 \\ \hline$182,100 & $231,250 & $35,498 plus 32% of the excess over $182,100 \\ \hline$231.250 & $578,100 & $51,226 plus 35% of the excess over $231,250 \\ \hline$.578,100 & - & $172,623,5 plus 37% of the excess over $578,100 \\ \hline \end{tabular} Schedule I-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline 0 & $11000 & 10 of taxable income \\ \hline \$ 11,000 & 544.225 & $1,100 plus 12% of the excess over $11,000 \\ \hline 544,725 & $95,375 & $5,1+7 plus 22% of the excess over 5+4.725 \\ \hline$05,375 & $182,100 & 516,290 plus 24 of the excess over 595.375 \\ \hline$182100 & $231,250 & $37.10+ plus 32% of the excess over $18,100 \\ \hline 5231,250 & 5,3+6,875 & 552.$32 plus 35% of the excess over $231,250 \\ \hline \end{tabular} this rurpote) EXHIBIT 8-5 2023 AMT Exemptions