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Required information [ The following information applies to the questions displayed below. ] Sandy and John Ferguson got marrled elght years ago and have a
Required information
The following information applies to the questions displayed below.
Sandy and John Ferguson got marrled elght years ago and have a sevenyearold daughter, Samantha. In Sandy
worked as a computer techniclan at a local university earning a salary of $ and John worked part time as a
receptlonist for a law firm, earning a salary of $ Sandy also does some Web design work on the side and reported
revenues of $ and assoclated expenses of $ The Fergusons recelved $ in qualfied dividends and a $
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 pald, and thelr itemized deductions were well over the standard deduction amount
last year. Use Exhiblt Tax Rate Schedule, Dividends and Capltal Galns Tax Rates, AMT exemption for reference.
The Fergusons reported making the following payments during the year:
State Income taxes of $ Federal tax withholding of $
Alimony payments to Sandy's former spouse of $divorced
Child support payments for Sandy's child with her former spouse of $
$ of real property taxes.
John was relmbursed $ for employee business expenses he incurred. He was requlred to provide documentation
for the expenses to his employer.
$ to Kid Care day care center for Samantha's care while Sandy and John worked.
$ interest on their home mortgage $ acquisition debt
$ Interest on a $ homeequity loan. They used the loan to pay for a family vacation and new car.
$ cash charltable contributions to qualified charitles.
Donation of used furniture to Goodwill. The furniture had a falr market value of $ and cost $
a What is the Fergusons' federal Income taxes payable or refund, Including any selfemployment tax and AMT, if applicable?
Note: Round your Intermedlate computations to the nearest whole dollar amount.Required information
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The following information applies to the questions displayed below.
Sandy and John Ferguson got married eight years ago and have a sevenyearold daughter, Samantha. In Sandy worked as a computer technician at a local university earning a salary of $ and John worked part time as a receptionist for a law firm, earning a salary of $ Sandy also does some Web design work on the side and reported revenues of $ and associated expenses of $ The Fergusons received $ in qualified dividends and a $ 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 Tax Rate Schedule, Dividends and Capital Gains Tax Rates, AMT exemption for reference.
The Fergusons reported making the following payments during the year:
State income taxes of $ Federal tax withholding of $
Alimony payments to Sandy's former spouse of $divorced
Child support payments for Sandy's child with her former spouse of $
$ of real property taxes.
John was reimbursed $ for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer.
$ to Kid Care day care center for Samantha's care while Sandy and John worked.
$ interest on their home mortgage $ acquisition debt
$ interest on a $ homeequity loan. They used the loan to pay for a family vacation and new car.
$ cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $ and cost $
a What is the Fergusons' federal income taxes payable or refund, including any selfemployment tax and AMT, if applicable?
Note: Round your intermediate computations to the nearest whole dollar amount.
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