You are given a set of tax data for a taxpayer, and you are to calculate the various portions of the tax equation for2016. Refer back to Framework 1040.

• You MUST show ALL your calculations in order to earn partial credit.
• Be sure to properly label/identify your calculations
• Do not count on highlights or colors to identify calculations. You must list and identify all calculations.
• Remember to use2016figures and tax law

Federal Income Taxes Midterm Exam Show all components of your work for partial credit review. Mike (age 40) and Carol (age 39) Brady are married. Carol works as a retail manager and Mike is a self-employed architect but does not maintain a home office. Their 2016 tax and other information are as follows: Salary - Carol Federal withholding on salary State withholding on salary Interest income on municipal bonds: State of Connecticut Savings account interest Dividends from RGR, Inc. (all are non-qualified) Value of employer provided medical insurance Inheritance from Carol's father's estate Interest paid on personal car loan Interest paid on personal loan Child support paid to Mike's ex-wife Alimony paid to Mike's ex-wife Qualified Out of Pocket Medical Expenses Donations to church Real Estate taxes on primary residence Mortgage interest on primary residence (