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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 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. Salary and Wages Arthur $ 54,000 Federal Income Tax Withheld - Arthur - $ 7,000 Salary & Wages - Melody $ 54,000 Federal Income Tax Withheld-Melody-$ 5,600 Interest Income $ 3,000 $ 1,500 $ 14,500 $ 8,000 $ 10,000 $(12,000) Dividend Income Itemized Deductions Alimony Paid by Arthur Alimony Received by Melody Net Loss from Arthur's Business 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 there? Contract B-4 1/1/18 Contract B-4 1/1/18 Fully Deductible
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