INFORMATION ATTACHED

This mid-term consists of one question. You are given a set of tax data for a taxpayer, and you are to calculate the various portions of the tax equation for2016. Refer back to Framework 1040 on page 3-2 in your text, as well as Concept Summary 3.1 on page 3-3 in your text.

• You MUST show ALL your calculations in order to earn partial credit.
• Be sure to properly label/identify your calculations
• Do not count on highlights or colors to identify calculations. You must list and identify all calculations.
• Remember to use2016figures and tax law

Example:

Income: Wages $15,000

Interest $200

Total Income: $15,200

Federal Income Taxes Midterm Exam Show all components of your work for partial credit review. Mike (age 40) and Carol (age 39) Brady are married. Carol works as a retail manager and Mike is a self-employed architect but does not maintain a home office. Their 2016 tax and other information are as follows: Salary - Carol Federal withholding on salary State withholding on salary Interest income on municipal bonds: State of Connecticut Savings account interest Dividends from RGR, Inc. (all are non-qualified) Value of employer provided medical insurance Inheritance from Carol's father's estate Interest paid on personal car loan Interest paid on personal loan Child support paid to Mike's ex-wife Alimony paid to Mike's ex-wife Qualified Out of Pocket Medical Expenses Donations to church Real Estate taxes on primary residence Mortgage interest on primary residence (