LBJ-[rim ; nmuuuu 1 CALCULATING INDIVIDUAL TAX Harris and Willa B. Taxpayer will le a joint federal income tax return. Harris, age 40, is a manager of a sporting goods store. Willa, who is 39, is a vice president at a regional bank. The couple comes to you in early December seeking tax advice. They have received or will receive the following amounts: Salaries H90,000, W-132,000 Interest from Erie County bonds 6,000 Interest from Fidelity Corporate Bond Fund 8,000 Dividends from common & preferred stocks (domestic corporations) 5,000 Life insurance proceeds (H's mother) 750,000 Inheritance (H's mother) 500,000 Proceeds from sale of stock held four years (cost 11,000) 20,000 Itemized deductions- State income tax withheld from pay 8,700 Property taxes 4,900 Home mortgage interest 7,000 Charitable contributions (cash) 7,100 Harris's employer withheld 11,900 of federal income tax, Willa's employer withheld 19,000. In addition, they paid federal quarterly estimates totaling 4,000 (1,000 per quarter). Harris had Social Security tax of 5,580 and Medicare tax of 1,305 Withheld by his employer. Willa's social Security and Medicare tax amounts withheld were 8,184 and 1,914, respectively. Their 8-year old daughter, Daisy, attends an after-school program and summer day camp program while they work, entitling them to a 600 Dependent Care (childcare) credit. In addition, since she is under age 17, they will be entitled to the 2,000 Child credit. REQUIRED: u Use the template posted on UBLearns 0 Assuming a joint return, compute projected 2019 taxable income, tax liability and net tax payable or refund due