Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with this tax HW Required information (The following information applies to the questions displayed below.) Sandy and John Ferguson got married eight years

Please help with this tax HW
image text in transcribed

Required information (The following information applies to the questions displayed below.) Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2023, Sandy worked as a computer technician at a local university earning a salary of S152,400, and John worked part time as a receptionist for a law firm, earning a salary of $29,400. Sandy also does some Web design work on the side and reported revenues of $4,400 and associated expenses of S950_ The Fergusons received $880 in qualified dividends and a $220 refund of their state income taxes. The Fergusons always 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 year. Use Exhibit 8-10 Tax Rate Schedule Dividends and Capital Gains Tax Rates 2023 AMT exemption for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,500. Federal tax withholding of $21,000. Alimony payments to Sandy's former spouse of $10,200 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4,140. $12,240 of real property taxes. John was reimbursed $620 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer. $3,600 to Kid Care day care center for Samantha's care while Sandy and John worked. $14,400 interest on their home mortgage ($400,000 acquisition debt). $3,060 interest on a $40,800 home-equity loam They used the loan to pay for a family vacation and new car. $15,200 cash charitable contributions to qualified charities. Donation of used furniture to GoodwilL The furniture had a fair market value of $440 and cost $2,200. a. What is the Fergusons' 2023 federal income taxes payable or refund, including any self-employment tax and AM T, if applicable? Note: Round your intermediate computations to the nearest whole dollar amount. Tax refund s 2,570

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction To Concepts Methods And Uses

Authors: Clyde P. Stickney, Roman L. Weil

8th Edition

0030182689, 978-0030182686

More Books

Students also viewed these Accounting questions