Comprehensive Problem 8 85 (LO 8 1, LO 8 2, LO 8 3, LO 8 4, LO 8 5) (Static) Skip to question The following information applies to the questions displayed below John and Sandy Ferguson got married eight years ago and have a seven year old daughter, Samantha In 2021, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000 John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750 The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year Assume the Fergusons did not receive an advance payment for the 2021 individual recovery credit because they are not eligible for the credit Use Exhibit 8 10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2021 AMT exemption for reference The Fergusons reported making the following payments during the year State income taxes of $4,400 Federal tax withholding of $21,000 Alimony payments to Johns former wife of $10,000 (divorced 12 31 2011) Child support payments for Johns child with his former wife of $4,100 $12,200 of real property taxes Sandy was reimbursed $600 for employee business expenses she incurred She was required to provide documentation for her expenses to her employer $3,600 to Kid Care day care center for Samanthas care while John and Sandy worked $14,000 interest on their home mortgage ($400,000 acquisition debt) $3,000 interest on a $40,000 home equity loan They used the loan to pay for a family vacation and new car $15,000 cash charitable contributions to qualified charities Donation of used furniture to Goodwill The furniture had a fair market value of $400 and cost $2,000 a What is the Fergusons' 2021 federal income taxes payable or refund, including any self employment tax and AMT, if applicable (Round your intermediate computations to the nearest whole dollar amount ) b Complete pages 1 and 2 of Form 1040 for John and Sandy Visit the IRS website and download Form 1040 Enter the required values in the appropriate fields Save your completed Tax Form to your computer and then upload it here by clicking Browse Next, click Save (Use 2021 tax rules regardless of the year on the form ) c Complete Schedule 1 Form 1040 for John and Sandy Visit the IRS website and download Schedule 1 of Form 1040 Enter the required values in the appropriate fields Save your completed Tax Form to your computer and then upload it here by clicking Browse Next, click Save (Use 2021 tax rules regardless of the year on the form ) d Complete Schedule 2 Form 1040 for John and Sandy Visit the IRS website and download Schedule 2 of Form 1040 Enter the required values in the appropriate fields Save your completed Tax Form to your computer and then upload it here by clicking Browse Next, click Save (Use 2021 tax rules regardless of the year on the form ) e Complete Schedule 3 Form 1040 for John and Sandy Visit the IRS website and download Schedule 3 of Form 1040 Enter the required values in the appropriate fields Save your completed Tax Form to your computer and then upload it here by clicking Browse Next, click Save (Use 2021 tax rules regardless of the year on the form ) f Complete Form 6251 for John and Sandy Visit the IRS website and download Form 6251 Enter the required values in the appropriate fields Save your completed Tax Form to your computer and then upload it here by clicking Browse Next, click Save (Use 2021 tax rules regardless of the year on the form )

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Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Static) Skip to question [The following information applies to the questions displayed

Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Static)

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[The following information applies to the questions displayed below.]

John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2021, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. Assume the Fergusons did not receive an advance payment for the 2021 individual recovery credit because they are not eligible for the credit. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2021 AMT exemption for reference.

The Fergusons reported making the following payments during the year:

State income taxes of $4,400. Federal tax withholding of $21,000.
Alimony payments to Johns former wife of $10,000 (divorced 12/31/2011).
Child support payments for Johns child with his former wife of $4,100.
$12,200 of real property taxes.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer.
$3,600 to Kid Care day care center for Samanthas care while John and Sandy worked.
$14,000 interest on their home mortgage ($400,000 acquisition debt).
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car.
$15,000 cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000.

a. What is the Fergusons' 2021 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? (Round your intermediate computations to the nearest whole dollar amount.)

b. Complete pages 1 and 2 of Form 1040 for John and Sandy. Visit the IRS website and download Form 1040. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of the year on the form.)

c. Complete Schedule 1 Form 1040 for John and Sandy. Visit the IRS website and download Schedule 1 of Form 1040. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of the year on the form.)

d. Complete Schedule 2 Form 1040 for John and Sandy. Visit the IRS website and download Schedule 2 of Form 1040. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of the year on the form.)

e. Complete Schedule 3 Form 1040 for John and Sandy. Visit the IRS website and download Schedule 3 of Form 1040. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of the year on the form.)

f. Complete Form 6251 for John and Sandy. Visit the IRS website and download Form 6251. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2021 tax rules regardless of the year on the form.)