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please find the amount of tax refund, i have been stumped and it is due tonight. ive asked this same question and kept getting wrong
please find the amount of tax refund, i have been stumped and it is due tonight. ive asked this same question and kept getting wrong answers
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Algo) The following information applies to the questions displayed bolow? Sandy and John Ferguson got married elght years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university earning a salary of $154,000, and John worked part time as a receptionist for a law firm earning a salary of $31,000. Sandy also does some Web design work on the side and reported. revenues of $6,000 and associated expenses of $1,750. The Fergusons recelved $1,200 in qualified dividends and a $300 fefund of their state income taxes. The Fergusons olways itemize their deductions, get the full benefit of deducting the entire amount of state income taxes paid, and their itemized deductions were well over the standard deduction amount last yeat. Use Exhibit 8-10. Iox Rate Scheduls, Dividends and Canital Gains Tox. Rates. 2022 AMT exemption for reference. The Fergusons reported making the following payments during the year: - State income taxes of $4,900, Federal tax withholding of $21,000. - Alimony payments to Sandy's former spouse of $11,000 (divorced 12/31/2014) - Child support payments for Sandy's child with her former spouse of $4,300 - $12,400 of real property takes. - John was reimbursed $700 for employee business expenses he incurred. He was required to provide documentation for her expenses to her employer. - $3,600 to Kid Care day care center for Samantha's care while Sandy and John worked. - $16,000 interest on their home mortgoge ( $400,000 acquisition debt). - $3,300 interest on a $44,000 home-equity loan. They used the loan to pay for of fomily vacation and new car. - $16,000 cash chartable contributions to qualified charities - Donation of used furniture to Goodwill. The furniture had a fair market value or $600 and cost $3,0$0. Comprehensive Problem 8-85 Part a (Algo) a. What is the Fergusons' 2022 federal income taxof paysble or refund, including any selfemployment tax and AMT, if apolicable? Note: Round your intermediate computations to the nearest whole dollar amount Step by Step Solution
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