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Laura and John are married and file jointly. They have three qualifying dependent children, ages 13, 16 and 18. They have provided you with
Laura and John are married and file jointly. They have three qualifying dependent children, ages 13, 16 and 18. They have provided you with the following information. Deductions Other Info. John and Laura's combined salaries Interest income from municipal bonds Capital loss Mortgage interest expense State income taxes Property taxes Medical expenses Charitable contributions Federal income tax withholdings (withheld from paychecks) Income . 130,000 1,000 8,000 10,000 ........ 4,000 2,800 2,000 5,000 11,000 Requirements: Using the "Tax Formula for Individuals" on page 2-2, compute the additional tax due or their tax refund for 2022. Provide the details of your computations and use formulas when appropriate.
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