Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ii. calculate the tax due or refund for horace and

II. Calculate the tax due or refund for Horace and Hortense Haversham. Show all of...

70.2K

Verified Solution

Question

Accounting

image
II. Calculate the tax due or refund for Horace and Hortense Haversham. Show all of your work on the 16 schedules we covered in class. (Seventy Points) The Havershams file married joint. They have a four year old child :Harleen. They paid Kiddie Playschool $15,000 to watch Harleen while they worked Earned Income: Horace $70,000 Hortense $80,000 Tax Payments: Withholdings $10,000 Quarterly Payments $5,000 Overpayment from 2020 $2,000 For the Child and Dependent care Credit use 20%. a. Salary 150,000 b. T bill interest 10,000 c. Long term capital gains $20,000 d. Qualified Sole Proprietorship net income $20,000 e Contribution to Health savings account $2,000 f. Penalty for early withdrawal from a timed savings account $1,000 9. Alimony paid $10,000. The divorce was finalized in 2010 h. Medical expenses $20,000 i. State taxes paid $15,000 1. Mortgage interest $20,000. The $500,000 mortgage was signed in 2020. k. Charitable Contribution to the Bailey family. Next door neighbors who lost their home in a fire $10.000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students