Kim Davis and Betty Freidan were happily married in Rowan County Kentucky in June 2015. <\/p>
<\/p>
Their 2015 W-2s provide the following information: <\/p>
<\/p>
| Item <\/p> <\/td> | Kim<\/p> <\/td> | Betty<\/p> <\/td> <\/tr> |
| Salary <\/p> <\/td> | $100,000<\/p> <\/td> | $450,000<\/p> <\/td> <\/tr> |
| Federal withholding<\/p> <\/td> | $20,000 <\/p> <\/td> | $50,000<\/p> <\/td> <\/tr> |
| State withholding<\/p> <\/td> | $10,000<\/p> <\/td> | $27,000<\/p> <\/td> <\/tr> |
| FICA withholding<\/p> <\/td> | $6,200 <\/p> <\/td> | $7,347 <\/p> <\/td> <\/tr> |
| Medicare withholding<\/p> <\/td> | $1,450 <\/p> <\/td> | $6,525 <\/p> <\/td> <\/tr> <\/tbody><\/table> In 2015, they have the following expenses (all deductible): <\/p> <\/p> Alimony to Kims two ex-husbands (total) $20,000<\/p> Property tax $25,000<\/p> Charitable contributions $15,000<\/p> <\/p> They provide 100% support for the following individuals. <\/p> <\/p> Fred, Bettys son, who lives with the couple, aged 12. Freds father is deceased. Freds only income is interest from a CD of $15,000. <\/p> Susan, Bettys mother, who also lives with the couple, aged 67. Her only income is social security benefits of $12,000 and interest from a CD of $20,000. She has been a widow for 25 years.<\/p> An adopted daughter, My Ha, from Vietnam who is aged 2. The child did not arrive in the US until January, 2016. <\/p> <\/p> All parties are US citizens except for the adopted daughter. <\/p> <\/p> <\/p> Required: <\/p> <\/p> What is the couples tax refund (or tax due)? Be sure to show and clearly label all of your work. (10 points) <\/p> <\/p> <\/p> <\/p> What is Freds tax refund (or tax due)? Be sure to show and clearly label all of your work. (10 points) <\/p> <\/p> <\/p> <\/p> <\/p> What is Susans tax refund (or tax due)? Be sure to show and clearly all of your work. (10 points) <\/p> <\/p> <\/p> <\/p> <\/p>", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CV4QCDFP", "uri": "\/textbooks\/financial-foundation-building-blocks-for-lasting-abundance-1st-edition-979-8878714181-257785", "name": "Financial Foundation Building Blocks For Lasting Abundance", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:45:33", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/an-economist-wanted-to-investigate-the-relationship-between-office-rents", "description": "An economist wanted to investigate the relationship between office rents (the dependent variable) and vacancy rates. 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