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STUDENT NAME: Problem 3: The Thompsons are a married couple with two school age children they fully support. Use the following deductions are fully deductible.
STUDENT NAME: Problem 3: The Thompsons are a married couple with two school age children they fully support. Use the following deductions are fully deductible. Salary and Wages - Arthur Federal Income Tax Withheld - Arthur - {:[$7","000],[$7","000]:} Salary & Wages - Melody $54,000 Federal Income Tax Withheld-Melody-$ 5,600 Interest Income Dividend Income Itemized Deductions Alimony Paid by Arthur Alimony Received by Melody Net Loss from Arthur's Business Child Care Credit Child Tax Credit $3,000 $1,500 $14,500 $8,000 Contract B-4 1/1/18 $10,000quad Contract B-4 1/1/18 $(12,000)quad Fully Deductible $960 $4,000 What is the Thompson's taxable income and how much of a refund or tax due is there? USE THE TAX TABLES FOR 2022 TO, COMPUTE THE TAX!! SHOW YOUR WORK
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