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score on Work to date: 24.11/50 Points 48.22 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 question displayed below) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2021, John worked as a computer technician at a local university earning a salary of $63.000, and Sandy worked part time as a receptionist for a law firm earning a salary of $20.000 John also does some Web design work on the side and reported revenues of $5,000 and associated expenses of $1250. The Fergusons received $1.000 in qualified dividends and a $250 refund of the state income taxes. The Fergusons always itemize the deductions, and their itemized deductions were well over the standard deduction amount last year. Assume the Fergusons did not receive an advance payment for the 2021 individual recovery credit because they are not eligible for the credit Use Ext 8 10. Laxnto Schedule Dividends and Cantal Gelns In Rates 2021 AMT exemption for reference The Fergusons reported making the following payments during the year. State Income takes of $4.650. Federal tax withholding of $21000 Almony payments to John's former wife of $10.500 (dvorced 12/31/2014 Child support payments for John's child with his former wife of $4.200. . $12.300 of real property taxes Sandy was reimbursed $650 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 $15.000 interest on their home mortgage ($400,000 acquisition dobo . 53.150 Interest on a $42.000 home-equity loan. They used the loan to pay for a family vacation and new car $15.500 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $500 and cost $2.500 rev 10_24 2021 Oc_cs-282339, 11_03_202LOG_CS-254015, 12.09_20210C_C5-287400 References Section Break Comprehensive Problem 8.85 (LO 8-1, LO 8-2. LO 8-3, LO 8-4, LO 8-51 (Algo D Amount Memo 183.000 18,150 650 250 10,500 3,750 From Self Employment in to 1 Use the space below to enter items of gross income and deductions 2 3 Description 4 GROSS INCOME 5 Wages 6. Interest Income 7 Dividend Income 8 State Tax Refund 9 Alimony Received 10 Business Income or LOSS) 11 Capital Gain (Losses) 12 Other Gains (Losses) 13 IRA Distributions 14 Pensions and Annuities 15 Rental Income or (Loss) 16 Royalties 17 Flow-Through Entities (partnerships, Scorps, trust) 18 Farm Income or (Loss) 19 Unemployment Compensation 20 Social Security 21 Other Income 22 TOTAL GROSS INCOME 23 24 ORAGLIA thene DDUCTIONS 25 IRA Deduction 26 Self Emploved Health Insurance Deduction 27 Self employed SEP SIMPLE, and Qual. Plans 28 One Half of Self Employment Tax 25 Penalty on Early Withdrawal of Savings 30 Student Loan interest Deduction 31 Alimony Paid 32 TOTAL FOR AGI DEDUCTIONS 3) 34 LEVER DRUCIONS 35 Medical 36 State and local Property Tues 37 State Income Tax 38 State Sales Tax Usher of two 29 Home Mortare interest 40 Investment interest 41 Contributions.cat 12 Contribution-NonCach 4) Casualty and The Los 44 Other Itemited Deductions TOTALITEMIZED DEDUCTIONS 46 07 216,300 25ployment in tab 10.500 10,525 EVALUE She formation strast, 15,000 3.150 15 500 500 VALUE! score on Work to date: 24.11/50 Points 48.22 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 question displayed below) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2021, John worked as a computer technician at a local university earning a salary of $63.000, and Sandy worked part time as a receptionist for a law firm earning a salary of $20.000 John also does some Web design work on the side and reported revenues of $5,000 and associated expenses of $1250. The Fergusons received $1.000 in qualified dividends and a $250 refund of the state income taxes. The Fergusons always itemize the deductions, and their itemized deductions were well over the standard deduction amount last year. Assume the Fergusons did not receive an advance payment for the 2021 individual recovery credit because they are not eligible for the credit Use Ext 8 10. Laxnto Schedule Dividends and Cantal Gelns In Rates 2021 AMT exemption for reference The Fergusons reported making the following payments during the year. State Income takes of $4.650. Federal tax withholding of $21000 Almony payments to John's former wife of $10.500 (dvorced 12/31/2014 Child support payments for John's child with his former wife of $4.200. . $12.300 of real property taxes Sandy was reimbursed $650 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 $15.000 interest on their home mortgage ($400,000 acquisition dobo . 53.150 Interest on a $42.000 home-equity loan. They used the loan to pay for a family vacation and new car $15.500 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $500 and cost $2.500 rev 10_24 2021 Oc_cs-282339, 11_03_202LOG_CS-254015, 12.09_20210C_C5-287400 References Section Break Comprehensive Problem 8.85 (LO 8-1, LO 8-2. LO 8-3, LO 8-4, LO 8-51 (Algo D Amount Memo 183.000 18,150 650 250 10,500 3,750 From Self Employment in to 1 Use the space below to enter items of gross income and deductions 2 3 Description 4 GROSS INCOME 5 Wages 6. Interest Income 7 Dividend Income 8 State Tax Refund 9 Alimony Received 10 Business Income or LOSS) 11 Capital Gain (Losses) 12 Other Gains (Losses) 13 IRA Distributions 14 Pensions and Annuities 15 Rental Income or (Loss) 16 Royalties 17 Flow-Through Entities (partnerships, Scorps, trust) 18 Farm Income or (Loss) 19 Unemployment Compensation 20 Social Security 21 Other Income 22 TOTAL GROSS INCOME 23 24 ORAGLIA thene DDUCTIONS 25 IRA Deduction 26 Self Emploved Health Insurance Deduction 27 Self employed SEP SIMPLE, and Qual. Plans 28 One Half of Self Employment Tax 25 Penalty on Early Withdrawal of Savings 30 Student Loan interest Deduction 31 Alimony Paid 32 TOTAL FOR AGI DEDUCTIONS 3) 34 LEVER DRUCIONS 35 Medical 36 State and local Property Tues 37 State Income Tax 38 State Sales Tax Usher of two 29 Home Mortare interest 40 Investment interest 41 Contributions.cat 12 Contribution-NonCach 4) Casualty and The Los 44 Other Itemited Deductions TOTALITEMIZED DEDUCTIONS 46 07 216,300 25ployment in tab 10.500 10,525 EVALUE She formation strast, 15,000 3.150 15 500 500 VALUE