Question
Please do not copy from another similar question the numbers are different from those other post making the answers wrong. Comprehensive Problem. Andy and Marcia
Please do not copy from another similar question the numbers are different from those other post making the answers wrong.
Comprehensive Problem. Andy and Marcia Tufts, both age 35, are married with two children and file a joint return. Assume the children do not qualify for the child tax credit (Ch. 9), and the mortgage is not over $750,000. They are each provided health insurance by their employer. The dividends are not qualified and are taxable as ordinary income. From the following information, compute their tax owed or refund due for 2021.
Andys salary | $50,000 |
Federal income tax withheld | 4,000 |
Marcias salary | 42,000 |
Federal income tax withheld | 5,000 |
Andys contribution to an IRA (assume IRA is deductible for AGI) | 2,000 |
Nonqualified dividends received | 950 |
Medical expenses for doctors and hospitals | 13,200 |
Health insurance reimbursement | 6,000 |
Prescription drugs and medicines | 5,800 |
Eyeglasses for one of the children | 175 |
Interest on home mortgage | 12,800 |
Interest on credit cards | 300 |
Real property taxes on residence | 6,300 |
State income taxes | 5,800 |
Fee for preparation of tax returns | 125 |
Union dues and subscriptions | 480 |
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