Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sonny and Cher are married, both are 40, they live in Atwater, California, and maintain a home for their two dependent children Chastity and Chaz,

image text in transcribed
Sonny and Cher are married, both are 40, they live in Atwater, California, and maintain a home for their two dependent children Chastity and Chaz, ages 7 and 11. Sonny and Cher own their home outright, having inherited it from Sonny's mother. Sonny has a job and earned $ 38,000 wages this year, 2018. Cher had a job early in the year, and earned $2,400 wages at it, but has been a full time student (and not working) for the last five months of the year. Cher is pursuing a Masters degree at U. C. Merced, and all of her tuition and required fees of $ 8,000 were paid for through a scholarship she qualified for. The childcare expenses Sonny and Cher paid for during the time Cher was at work/school were $3,200 for Chastity and $ 3,500 for Chaz. Sonny and Cher had withholding from their paychecks in the following amounts federal income taxes of $900 for Sonny, $ 300 for Cher, state income taxes of $ 250 for Sonny, none for Cher, and for social security $2,356 for Sonny and $ 149 for Cher, and for medicare of $551 for Sonny and $ 35 for Cher. Sonny also received $ 1,800 of interest income on his bank savings account. For Sonny and Cher for 2018, what is the tax due/refund

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

Auditing Theory

Authors: Ian Dennis

1st Edition

1138599700, 978-1138599703

More Books

Students also viewed these Accounting questions

Question

=+ (c) Show that the space is complete.

Answered: 1 week ago

Question

7. Understand the challenges of multilingualism.

Answered: 1 week ago