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[The following information applies to the questions displayed below. Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She

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[The following information applies to the questions displayed below. Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1.200 of allmony payments each month from her former husband (divorced on 12/31/2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remalning $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba pold $5,800 in state income taxes and $12,500 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather Innorance premium $7,992 Medical care expenses 9.100 Prescription medicine Nonpeeneription medicine New contact lenses for Heather S350 100 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accldent caused $900 In damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repolts. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability Insurance. Her employer, the Central Georgia School District, pald 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba pald the remaining 40 percent portion A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her Investments: $2,200 of Interest income from.corporate bonds and $1.500 Interest income from City of Denver municipal bonds. Overall, Rebu's stock portrollo appreciated by $12.000, but she did not sell any of her stocks Heather reported $6,200 of interest Income from corporate bonds she received as gifts from her father over the last several wars This was Heather's only source of income for the vaan Seved You skipped this question in the previous attempt PESU SPELL Nonprescription medicine Now contact lenses for Heather $ $ 3 su 100 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, pald 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba pald the remaining 40 percent portion. A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest Income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $12,000, but she did not sell any of her stocks. Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments, Reba had qualifying Insurance for purposes of the Affordable Care Act (ACA). Required: b. Is Reba allowed to file as a head of household or single? c. Determine the amount of FICA taxes Reba was required to pay on her salary d. Determine Heather's federal income taxes due or payable. Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference b. Status of taxpayer FICA Laxos d X + nication.com/ext/map/index.html?_con con&external_browser=0&launchurl=https%253A%252F%252Fblackboard.ncu.edu%252Fwebapps to Homework ch 8 6 Saved You skipped this question in the previous attempt 0 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 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, 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 Galns Tax Rates, 2020 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 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). $3,000 Interest on a $40,000 home-equity loan. They used the loan to pay for a familly vacation and new car $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair 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 intermediate computations to the nearest whole dollar amount.) [The following information applies to the questions displayed below. Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1.200 of allmony payments each month from her former husband (divorced on 12/31/2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remalning $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba pold $5,800 in state income taxes and $12,500 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather Innorance premium $7,992 Medical care expenses 9.100 Prescription medicine Nonpeeneription medicine New contact lenses for Heather S350 100 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accldent caused $900 In damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repolts. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability Insurance. Her employer, the Central Georgia School District, pald 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba pald the remaining 40 percent portion A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her Investments: $2,200 of Interest income from.corporate bonds and $1.500 Interest income from City of Denver municipal bonds. Overall, Rebu's stock portrollo appreciated by $12.000, but she did not sell any of her stocks Heather reported $6,200 of interest Income from corporate bonds she received as gifts from her father over the last several wars This was Heather's only source of income for the vaan Seved You skipped this question in the previous attempt PESU SPELL Nonprescription medicine Now contact lenses for Heather $ $ 3 su 100 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, pald 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba pald the remaining 40 percent portion. A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest Income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $12,000, but she did not sell any of her stocks. Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments, Reba had qualifying Insurance for purposes of the Affordable Care Act (ACA). Required: b. Is Reba allowed to file as a head of household or single? c. Determine the amount of FICA taxes Reba was required to pay on her salary d. Determine Heather's federal income taxes due or payable. Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference b. Status of taxpayer FICA Laxos d X + nication.com/ext/map/index.html?_con con&external_browser=0&launchurl=https%253A%252F%252Fblackboard.ncu.edu%252Fwebapps to Homework ch 8 6 Saved You skipped this question in the previous attempt 0 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 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, 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 Galns Tax Rates, 2020 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 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). $3,000 Interest on a $40,000 home-equity loan. They used the loan to pay for a familly vacation and new car $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair 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 intermediate computations to the nearest whole dollar amount.)

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