Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sandy and John Ferguson got marned eight years ago and have a seven-year-old daughter, Samantha. In 2022 . Sondy worked as a computer techniclan at

image text in transcribed
Sandy and John Ferguson got marned eight years ago and have a seven-year-old daughter, Samantha. In 2022 . Sondy worked as a computer techniclan at a local university, earning a salary of \$152.000, and John worked part time as a receptionist for a law firm, earning a salary of $29,000. Sandy 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, get the full benefit of deducting the entre amount of state income taxes pald, and their tterntzed deductions were well over the standard deduction amount last yeat: Use Extibit 8-10. Tax Rate Schedule. Dividends and Capital Gains Tax Rates, 2022 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 Sandy's former spouse of $10,000 (divorced 12/31/2014) - Child support payments for Sandy's child with her former spouse of $4,100. - \$12.200 of real property taxes. - John was reimbursed $600 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer. - $3,600 to Kid Care day care center for Samantha's care while Sandy and John 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 furnture to Goodwill. The furntture had a farr market value of $400 and cost $2.000. a. What is the Fergusons' 2022 federal income taxes payoble or refund, inciuding any seif-employment tax and AMT, if applicable? Note: Round your Intermedlate computations to the nearest whole doliar amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction To Statistical Sampling In Auditing

Authors: Dan M. Guy

1st Edition

0471042323, 978-0471042327

More Books

Students also viewed these Accounting questions

Question

1. The value of the test statistic is: (a) 0.007 (b) 8.30 (c) 3.47

Answered: 1 week ago