Meet Betty Ann & Bart Summerfield Tax Planning Clients Betty Ann (age 45) & Bart (age 52) Summerfield have been married for 25 years and have one adult child, Alan, who is living on his own. Betty Ann & Bart file joint tax returns. The table below summarizes theirfinancial data fortax purposes. Use this information when you are answering the questions that follow Tax Item Bart's Earnings Betty Ann's Earnings Federal Tax Withholdings State Income Tax Withholdings FICA & M/C Savings Account Interest (3.0% per Amount 110,000 $125,000 $22,700 $10,750 $17,978 $3,200 ear State Refund from PriorYear Home Mortgage Interest Paid Real Estate Taxes Paid Charitable Contributions Unreimbursed Medical Expenses Stock Ownership: United Motor Company (purchased 9 months ago&Cost basis: $8,000 which they still hold Whole Life Insurance Policy $2,425 12,500 $24,000 $3,000 $1,800 Current Value: $4,000 Face Value: $1,000,000 Cash Value: $15,000 Owner: Bart Beneficiary: Betty Ann Insured: Bart Policy Dividend: $300 The Summerfields itemized deductions for theirfederalreturn last year. Currently, neither Betty Ann nor Bart has access to a qualified retirement plan through theirwork and they have not funded IRAs up to this point in time. They have access to a Section 125 flexible spending accountthrough Betty Ann's employer. To date, they have notfunded the account. Open enrollment is coming up and lasts for the next 30 days. For purposes of solving this case, use the tax information shown in the Appendix Please use this data to answer the questions in the Case Analysis. Show all formulas and computations Justify all your responses completely. The Tax Tables are attached in the Appendix Meet Betty Ann & Bart Summerfield Tax Planning Clients Betty Ann (age 45) & Bart (age 52) Summerfield have been married for 25 years and have one adult child, Alan, who is living on his own. Betty Ann & Bart file joint tax returns. The table below summarizes theirfinancial data fortax purposes. Use this information when you are answering the questions that follow Tax Item Bart's Earnings Betty Ann's Earnings Federal Tax Withholdings State Income Tax Withholdings FICA & M/C Savings Account Interest (3.0% per Amount 110,000 $125,000 $22,700 $10,750 $17,978 $3,200 ear State Refund from PriorYear Home Mortgage Interest Paid Real Estate Taxes Paid Charitable Contributions Unreimbursed Medical Expenses Stock Ownership: United Motor Company (purchased 9 months ago&Cost basis: $8,000 which they still hold Whole Life Insurance Policy $2,425 12,500 $24,000 $3,000 $1,800 Current Value: $4,000 Face Value: $1,000,000 Cash Value: $15,000 Owner: Bart Beneficiary: Betty Ann Insured: Bart Policy Dividend: $300 The Summerfields itemized deductions for theirfederalreturn last year. Currently, neither Betty Ann nor Bart has access to a qualified retirement plan through theirwork and they have not funded IRAs up to this point in time. They have access to a Section 125 flexible spending accountthrough Betty Ann's employer. To date, they have notfunded the account. Open enrollment is coming up and lasts for the next 30 days. For purposes of solving this case, use the tax information shown in the Appendix Please use this data to answer the questions in the Case Analysis. Show all formulas and computations Justify all your responses completely. The Tax Tables are attached in the Appendix