Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Harry and Karla had the following information relating to their 2023 taxes: They have been married for 8 years and have a dependent son Noah
Harry and Karla had the following information relating to their 2023 taxes: They have been married for 8 years and have a dependent son Noah who is 15 years. 1. Harry wages were 66,000 and Karla received 58,000 2. They had total interest income of $600 of which $50 was received from muni bonds. 3. They incurred/paid the during the year: - Karla paid alimony of $6,000 former spouse, Ted; They had the divorce in 2011. - Medical expenses totaled $9,500; insurance reimbursed them for $800 - Charitable contributions of $8,800 to their church. - Contributions to traditional IRA: Harry $5,000 and Karla $4,000 - Mortgage interest on their residence of $12,000. - Property taxes on her residence of $9,800. Federal Income tax withheld from Harry's salary was $7,500 and from Karla's salary $6,000. State income taxes withheld from their wages was $4,200 (Harry- $2,000; Karla $2,200 ) Calculate the following and submit your work via the drop-box using an an Excel file by September 26, 2023. 1. AGI 2. Total of Itemized Deductions 3. Taxable Income 4. Income Tax on the taxable incche. 5. Balance Payable or refund due
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started