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Please see the screen shot for the question, and the other attachments. i have given all of the information. Chapter 8 Comprehensive Problem 1 Part
Please see the screen shot for the question, and the other attachments. i have given all of the information.
Chapter 8 Comprehensive Problem 1 Part 1 of 3 Required information The following information applies to the questions displayed below) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $152,500, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,500. John also does some Web design work on the side and reported revenues of $4,500 and associated expenses of $1,000. The Fergusons received $900 in qualified dividends and a $225 refund of their state income taxes. The Fergusons always itemize their deductions and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA), Use Exhibit 8-9. Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference, ok The Fergusons reported making the following payments during the year: State income taxes of $4,525. Federal tax withholding of $21,000. Alimony payments to John's former wife of $10,250 (divorced in 2014). . Child support payments for John's child with his former wife of $4,150. . $12,250 of real property taxes. Sandy was reimbursed $625 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. . $3.600 to Kid Care day care center for Samantha's care while John and Sandy worked. . $14,500 Interest on their home mortgage ($400,000 acquisition debt). $3.075 Interest on a $41.000 home-equity loan. They used the loan to pay for a family vacation and new car. $15,250 cash charitable contributions to qualified charities Donation of used furniture to Goodwill. The furniture had a fair market value of $450 and cost $2,250. a. What is the Fergusons 2019 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? (Round your intermediate computations to the nearest whole dollar amount.) EXHIBIT 8-9 Child and Dependent Care Credit Percentage Then the percentage is 35% 34 33 32 31 30 29 If AGI is over $ 0 15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 31,000 33,000 35,000 37,000 39,000 41,000 43,000 Source: $21(e)(6). But not over 15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 31,000 33,000 35,000 37,000 39,000 41,000 43,000 No limit 28 27 26 25 24 23 22 21 20 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: S 0 $ 9,700 10% of taxable income $ 9,700 $ 39475 $970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84.200 $160,725 $14,382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over $204,100 $510,300 $153,798,50 plus 37% of the excess over $510,300 Schedule Y-1. Married Filing Jointly or Qualifying Widower) If taxable income is over: But not over: The tax is: 0 $ 19,400 10% of taxable income $ 19.400 $ 78,950 $1.940 plus 12% of the excess over $19.400 $ 78,950 $168.400 $9.086 plus 22% of the excess over $78,950 $168.400 $321.450 $28,765 plus 24% of the excess over $168,400 $321 450 $408.200 $65 497 plus 32% of the excess over $321.450 $408.200 $612,350 $93.257 plus 35% of the excess over $408.200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 13.850 10% of taxable income $ 13850 S 52.850 $1,385 plus 12% of the excess over $13.850 $ 52,850 $ 84,200 56,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12.962 plus 24% of the excess over $84.200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 S204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 S152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9.700 $ 39,475 $970 plus 12% of the excess over 59.700 S 39,475 $ 84,200 S4.543 plus 22% of the excess over $39,475 $ 84,200 S160,725 $14,382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $32.748 50 plus 32% of the excess over $160,725 S204.100 $306,175 S46,628 50 plus 35% of the excess over $204.100 $306,175 $82,354.75 plus 37% of the excess over $306,175 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 09 $0 $78,750 SO - $39.375 SO - $39,375 0-$52,750 SO - $2,650 159 $78,751 - $488.850 $39,376 - 5244 425 $39,376 - $434.550 $52,751 - $461,700 $2,651 - $12.950 20% $488.851+ $244426+ $434,351+ $461,701+ $12.951+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (nel capital gains and qualified dividende Step by Step Solution
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