Question
During all of 2022, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of
During all of 2022, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2022. Neither is blind, and both are under age 65 . They reported the following tax-related information for the year. (Use the tax rate schedules, 2022) Salary income $125,000 Prize from local radio station 1,500 Medical expenses (no health insurance) 4,000 Real estate taxes 4,200 Alimony paid by Mr. Clay (divorced in 2015) 12,000 State income taxes withheld in 2022 1,800 State income taxes paid with 2022 tax return (return 1,500 was filed in April 20234) Federal income tax withholding 7,500 Qualified home
1) During all of 2022, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2022. Neither is blind, and both are under age 65 . They reported the following tax-related information for the year. (Use the tax rate schedules, 2022) 1. What are the Clays' taxes payable or refund due? (Ignore the alternative minimum tax.)Step by Step Solution
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