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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,

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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 2020, 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 or $4.000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund or 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. 2020 AMT exemption for reference The Fergusons reported making the following payments during the year State Incom taxes of 400. Federal tax withholding of $21.000 Alimony payments to John's former wife of $10,000 (divorced on 12/31/2014) 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) 53.000 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 fumiture had a fal market value of $400 and cost $2.000 a. What is the Fergusons! 2020 federal income taxes payable or refund, including any self employment tax and AMT if applicable? (Round your intermedlate computations to the nearest whole dollar amount. EXHIBIT 8-9 Child and Dependent Care Credit Percentage If AGI is over But not over Then the percentage is $ 0 $15,000 35% 15,000 17,000 34 17,000 19,000 33 19,000 21,000 32 21,000 23,000 31 23,000 25,000 30 25,000 27,000 29 27,000 29.000 28 29.000 31,000 31,000 33.000 26 33,000 35,000 25 35,000 37,000 24 37,000 39,000 23 39,000 41,000 22 41,000 43,000 21 43,000 No limit 20 Source. Source: Internal Revenue Code"27. Expenses For Household And Dependent Care Services 2020 Tax Rate Schedules Individuals Schedule X-Single Ir taxable income is over: But not over: The tar is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 5987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 533,271:50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) Tf taxable income is over:But not over: The tax is: 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19.750 $ 80,250 $171,050 59.235 plus 22% of the excess over $80,250 $171,050 $326,600529,211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326,600 $414,700 5622,050 594,735 plus 55% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z Head of Household If taxable income is over:But not over: The tax is: $ 0 $ 14.100 10% of taxable income $ 14,100 5 53,700 51.410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 56,162 plus 22% of the excess over 553.700 $ 85.500 5163,300 $13,158 plus 248 of the excess over $85,500 $163,300 $207,350 551 330 plus 32% of the excess over $163.000 $207 350 $518.400 $45.926 plus 55 of the excess over $20,1350 $518,400 $154.793.50 plus 37 of the excess over $518 400 Type here to search O EN 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 0% $0 $80,000 $0-$40,000 $0-40,000 50 - $53,600 $0-$2,650 15% $80,001-$496,600 $40,001 $248,300 $40,001 - $441 450 $53,601 - $469,050 $2,651 - $13,150 2094 $496,601+ $249,3014 $441,451+ $469,051+ $13,151+ The rate applies to the wef capital gains and qualified dividends that fall with the range of taxable income specified in the table (t capital gain and qualified divi XHIBIT 8-5 2020 AMT Exemptions Filing Status Exemption $113,400 Aarried filing jointly Married filing separately Head of household and single Phase-Out Complete Phase-Out Begins at for This Level of This Level of AMTI AMTI $1,036,800 $1,490,400 518,400 745,200 518,400 810,000 56,700 72,900

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