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Matt and Marissa Curby have two children ages 6& 7. Their combined gross income from their full-time positions is $180,000. Marissa also consults and earned $11,245 profit this past year. Matt contributed $5,500 to his 401k and Marissa contributed $3,000 to a Roth IRA. Their medical and dental premiums this past year totaled $8,400. Their after-school daycare expenses totaled $4,350. Matt was gifted $10,000 earlier this year from his grandmother and after she passed away last month, was the beneficiary of her $30,000 life insurance policy. Matt and Marissa considered purchasing solar panels this year for their home but did not as they felt they could not afford them, Other information: - Business income-20\% can be deducted - Interest earned on bank accounts totaled \$123 - Standard deduction of $25,900 for married couples - Tax credit per child of $3,000 - Tax credit on daycare costs (max, of $1,500 per child) - Tax credit on solar panels ( 26% of cost) - Federal income tax withheld from Matt's salary is $8,498. - Federal income tax withheld from Marissa's salary is $6,864. - No federal income tax was withheld from Marissa's consulting. - Land taxes totaled $3,890. - State taxes totaled \$4,300 - Charitable contributions totaled \$9,000. - Interest paid on their mortgage totaled \$1,500. Create a spreadsheet-and label each section with the appropriate letter corresponding to the question. All calculations should be done using working Excel formulas with cell references (ex. =A1+B1 ). Be sure to label all numbers so I can easily follow your calculations. a. Are the Curby's able to itemize or must they use the standard deduction? Explain. (10 pts) b. What is the Curby's taxable income if they file "married filing jointly"? Show all your work at arriving at taxable income in order to receive full credit. ( 20pts ) c. What is their tax liability? Show all work for full credit. ( 10 pts.) Schedule Y-1-It your fing statis a Married filing jolitty or Ouatifying widowien d. Will the Curbys need to pay additional taxes or will they be receiving a refund? How much do they owe or how much will their refund be? Show all calculations. (20 pts.) e. What is the Curby's effective tax rate? Show all calculations. (10 pts.) f. What is the Curby's marginal tax rate? (10 pts.) g. Give two suggestions that could have saved the Curby's more money in taxes this year? (10 pts.) h. The Curboys had considered installing solar panels this year but didn't know there was a tax credit. Had they installed solar panels at a cost of $13,500, how would that have affected their tax payment or refund? (10pts.) Matt and Marissa Curby have two children ages 6& 7. Their combined gross income from their full-time positions is $180,000. Marissa also consults and earned $11,245 profit this past year. Matt contributed $5,500 to his 401k and Marissa contributed $3,000 to a Roth IRA. Their medical and dental premiums this past year totaled $8,400. Their after-school daycare expenses totaled $4,350. Matt was gifted $10,000 earlier this year from his grandmother and after she passed away last month, was the beneficiary of her $30,000 life insurance policy. Matt and Marissa considered purchasing solar panels this year for their home but did not as they felt they could not afford them, Other information: - Business income-20\% can be deducted - Interest earned on bank accounts totaled \$123 - Standard deduction of $25,900 for married couples - Tax credit per child of $3,000 - Tax credit on daycare costs (max, of $1,500 per child) - Tax credit on solar panels ( 26% of cost) - Federal income tax withheld from Matt's salary is $8,498. - Federal income tax withheld from Marissa's salary is $6,864. - No federal income tax was withheld from Marissa's consulting. - Land taxes totaled $3,890. - State taxes totaled \$4,300 - Charitable contributions totaled \$9,000. - Interest paid on their mortgage totaled \$1,500. Create a spreadsheet-and label each section with the appropriate letter corresponding to the question. All calculations should be done using working Excel formulas with cell references (ex. =A1+B1 ). Be sure to label all numbers so I can easily follow your calculations. a. Are the Curby's able to itemize or must they use the standard deduction? Explain. (10 pts) b. What is the Curby's taxable income if they file "married filing jointly"? Show all your work at arriving at taxable income in order to receive full credit. ( 20pts ) c. What is their tax liability? Show all work for full credit. ( 10 pts.) Schedule Y-1-It your fing statis a Married filing jolitty or Ouatifying widowien d. Will the Curbys need to pay additional taxes or will they be receiving a refund? How much do they owe or how much will their refund be? Show all calculations. (20 pts.) e. What is the Curby's effective tax rate? Show all calculations. (10 pts.) f. What is the Curby's marginal tax rate? (10 pts.) g. Give two suggestions that could have saved the Curby's more money in taxes this year? (10 pts.) h. The Curboys had considered installing solar panels this year but didn't know there was a tax credit. Had they installed solar panels at a cost of $13,500, how would that have affected their tax payment or refund? (10pts.)