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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 information about their 2023
STUDENT NAME Problem 3: The Thompsons are a married couple with two school age children they fully support. Use the following information about their 2023 finances to answer the following question. You may assume that all listed deductions are fully deductible. Federal Income Tax Withheld - Arthur - $ 7,000 Salary & Wages - Melody $54,000 Federal Income Tax Withheld - Melody-$ 5,600 Interest Income $3,000 Dividend Income $1,500 Itemized Deductions quad$14,500 Alimony Paid by Arthur quad$8,000 Contract B-4 1/1/18 Alimony Received by Melody quad$10,000 Contract B-4 1/1/18 Net Loss from Arthur's Business quad$(12,000) Fully Deductible Child Care Credit $960 Child Tax Credit $4,000 What is the Thompson's taxable income and how much of a refund or tax due is
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