Requirea 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 2021, John worked as a computer technician at a local university earning a salary of $152,700, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,700. John also does some Web design work on the side and reported revenues of $4,700 and associated expenses of $1,100. The Fergusons received $940 in qualified dividends and a $235 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 $4,575. Federal tax withholding of $21,000. Alimony payments to John's former wife of $10,350 (divorced 12/31/2014). Child support payments for John's child with his former wife of $4,170. $12,270 of real property taxes. Sandy was reimbursed $635 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. $14,700 interest on their home mortgage ($400,000 acquisition debt). $3,105 interest on a $41,400 home-equity loan. They used the loan to pay for a family vacation and new car. $15,350 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $470 and cost $2,350. a. What is the Fergusons' 2021 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.) Tax refund EXHIBIT 8-10 Child and Dependent Care Credit Percentage If AGI is over But not over Then the percentage is 50% S 0 $125,000 127,000 49 125,000 127,000 129,000 129,000 48 131,000 47 181,000 183,000 21 183,000 20 400,000 402,000 400,000 19 402,000 404,000 18 434,000 436,000 2 436,000 438,000 1 438,000 0 Source: Source: Internal Revenue Code. "$ 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment." Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Head of Household Trusts and Estates 0% Married Filing Jointly $0-$80,800 $80,801 - 5501,600 $501.601+ Married Filing Separately SO - $40,400 $40,401 - $250.800 $250,801+ Single $0-$40,400 $40,401 - $445,850 $445,851+ 15% $0-$54,100 $54,101 - $473,750 $473,751+ $0-$2,700 $2,701 - $13,250 $13,251+ 20% EXHIBIT 8-5 2021 AMT Exemptions Filing Status Exemption Phase-Out Complete Phase-Out Begins at for This Level of This Level of AMTI AMTI $1,047,200 $1,505,600 523,600 752,800 $114,600 Married filing jointly Married filing separately Head of household and single 57,300 73,600 523,600 818,000 Requirea 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 2021, John worked as a computer technician at a local university earning a salary of $152,700, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,700. John also does some Web design work on the side and reported revenues of $4,700 and associated expenses of $1,100. The Fergusons received $940 in qualified dividends and a $235 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 $4,575. Federal tax withholding of $21,000. Alimony payments to John's former wife of $10,350 (divorced 12/31/2014). Child support payments for John's child with his former wife of $4,170. $12,270 of real property taxes. Sandy was reimbursed $635 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. $14,700 interest on their home mortgage ($400,000 acquisition debt). $3,105 interest on a $41,400 home-equity loan. They used the loan to pay for a family vacation and new car. $15,350 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $470 and cost $2,350. a. What is the Fergusons' 2021 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.) Tax refund EXHIBIT 8-10 Child and Dependent Care Credit Percentage If AGI is over But not over Then the percentage is 50% S 0 $125,000 127,000 49 125,000 127,000 129,000 129,000 48 131,000 47 181,000 183,000 21 183,000 20 400,000 402,000 400,000 19 402,000 404,000 18 434,000 436,000 2 436,000 438,000 1 438,000 0 Source: Source: Internal Revenue Code. "$ 21. Expenses For Household And Dependent Care Services Necessary For Gainful Employment." Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate* Head of Household Trusts and Estates 0% Married Filing Jointly $0-$80,800 $80,801 - 5501,600 $501.601+ Married Filing Separately SO - $40,400 $40,401 - $250.800 $250,801+ Single $0-$40,400 $40,401 - $445,850 $445,851+ 15% $0-$54,100 $54,101 - $473,750 $473,751+ $0-$2,700 $2,701 - $13,250 $13,251+ 20% EXHIBIT 8-5 2021 AMT Exemptions Filing Status Exemption Phase-Out Complete Phase-Out Begins at for This Level of This Level of AMTI AMTI $1,047,200 $1,505,600 523,600 752,800 $114,600 Married filing jointly Married filing separately Head of household and single 57,300 73,600 523,600 818,000