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Exam #2 Problem Fall 2017 Dring all of 2017, Mr. and Mrs. Clay lived with their four children (all are under the age of 17 hey provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 20 Neither is blind, and both are under age 65. They reported the following tax-related informatio the year: (use the tax rate schedules) Salary income $125,000 Prize from local radio station 1,500 4,000 4,200 12,000 1,800 Medical expenses (no health insurance) Real estate taxes Alimony paid by Mr. Clay State income taxes withheld in 2017 State income taxes paid with 2017 tax return (return was filed in April, 2018) Federal income tax withholding Qualified home mortgage interest Charitable contributions 1,500 7,500 11,000 4,000 What is the Clays' taxes payable or (refund due) Ignore the alternative minim Exam #2 Problem Fall 2017 Dring all of 2017, Mr. and Mrs. Clay lived with their four children (all are under the age of 17 hey provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 20 Neither is blind, and both are under age 65. They reported the following tax-related informatio the year: (use the tax rate schedules) Salary income $125,000 Prize from local radio station 1,500 4,000 4,200 12,000 1,800 Medical expenses (no health insurance) Real estate taxes Alimony paid by Mr. Clay State income taxes withheld in 2017 State income taxes paid with 2017 tax return (return was filed in April, 2018) Federal income tax withholding Qualified home mortgage interest Charitable contributions 1,500 7,500 11,000 4,000 What is the Clays' taxes payable or (refund due) Ignore the alternative minim

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