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Please write out how answers were acquired for further understanding of the material! John and Sandy Ferguson got married eight years ago and have a

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Please write out how answers were acquired for further understanding of the material!

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 $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 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. Assume the Fergusons did not receive an advance payment for the 2021 individual recovery credit because they are not eligible for the credit. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2021 AMT exemption for reference. The Fergusons reported making the following payments during the year: . State income taxes of $4,400. Federal tax.withholding of $21,000. Alimony payments to John's former wife of $10,000 (divorced 12/31/2011). Child support payments for John's child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 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. $14,000 interest on their home mortgage ($400,000 acquisition debt). $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000. 0 Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: | John (DOB 11/07/1970): 111-11-1111 Sandy (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555 (Input all the values as positive numbers. Round your intermediate calculations and final answers to the nearest whole dollar. Use 2021 tax rules regardless of year on tax form.) [ ] 0 Required information ps, etc Attach Form(s) W-2 1 ist 2a b Taxable interest 2b 181,000 4,000 800 is 800 > b Ordinary dividends. 3b 4a 0 b Taxable amount 4b 200 nuities 5a 0 b Taxable amount 5b 0 inefits b Taxable amount 6b s) Amount 7 Schedule 1, line 9 + 8 4b, 5b 6, 7, and 8. This is your total income 9 186,000 come line 22 10a 0 x itions if you take the standard deduction See instruction 10b 15,000 10b. These are your total adjustments to income 10c 15,000 from line 9. This is your adjusted gross income 11 Check my work Cobadilat 1 Cara ! Cahatida 11 cohodila 2 1 CD4 Required information 1 16 Tax (see instructions) Amount Page 2 1 8814 2 4972 3 16 17 Amount from Schedule 2, line 3 18 Add lines 16 and 17 17 19 Child tax credit or credit for other dependents 18 0 20 Amount from Schedule 3, line 7 19 21 Add lines 19 and 20 20 0 22 Subtract line 21 from line 18. If zero or less, enter-0- 21 0 23 Other taxes, including self-employment tax, from Schedule 2, lime 10 22 0 24 Add lines 22 and 23. This is your total tax 23 0 + 25 Federal income tax withheld from 24 0 a Form(s) W-2 25a b Form(s) 1099 0 25b c Other forms (see instructions) 0 250 d Add lines 25a through 250 0 250 0

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