Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Fuentes' have summarized the income and expenses they expect to report this year as follows: Income Freddy's W2 Information: Salary $77,900 Federal income
The Fuentes' have summarized the income and expenses they expect to report this year as follows: Income Freddy's W2 Information: Salary $77,900 Federal income tax withheld 9,700 State income tax withheld Social Security tax withheld 4,830 Medicare tax withheld 1,130 Freida's W2 Information $50,700 Federal income tax withheld State income tax withheld 4,925 Social Security tax withheld Medicare tax withheld Interest income from bank account at GECU Bank Ordinary Dividend income from GoToo Stock Tax exempt interest income from Ft Hancock City municipal bond funds Expenditures: 0 3,143 735 2,550 2,975 765 Sales taxes paid in 2021 (Freddy keeps receipts) Real estate taxes paid on residence 1,375 10,777 Home mortgage interest paid 15,070 Interest paid on Visa Credit Card Interest paid on loan for autos Medical Expenses (unreimbursed) Freida's Medical Prescriptions Irma's dance lessons Tax Preparation fees Cash contributions to TX Governor election campaign Cash contributions to the St Paul Catholic church (Freddy has receipts) 1,654 3,990 12,210 1,350 1,980 1,870 1,980 5,090
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started