Required Information [The following information applies to the questions displayed below.] Sandy and John Ferguson...

50.1K

Verified Solution

Question

Accounting

image

image

imageimage

Required Information [The following information applies to the questions displayed below.] Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university earning a salary of $154,100, and John worked part time as a receptionist for a law firm earning a salary of $31,100. Sandy also does some Web design work on the side and reported revenues of $6,100 and associated expenses of $1,800. The Fergusons recelved $1,220 in qualified dividends and a $305 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2022 AMT exemption for reference. The Fergusons reported making the following payments during the year: - State income taxes of $4,925. Federal tax withholding of $21,000. - Alimony payments to Sandy's former spouse of $11,050 (divorced 12/31/2014). - Child support payments for Sandy's child with her former spouse of $4,310. - $12,410 of real property taxes. - John was reimbursed $705 for employee business expenses he incurred. He was required to provide documentation for her expenses to her employer. - $3,600 to Kid Care day care center for Samantha's care while Sandy and John worked. - $16,100 interest on their home mortgage (\$400,000 acquisition debt). - $3,315 interest on a $44,200 home-equity loan. They used the loan to pay for a family vacation and new car. - $16,050 cash charitable contributions to qualffied charities. - Donation of used furniture to Goodwill. The furniture had a fair market value of $610 and cost $3,050. a. What is the Fergusons' 2022 federal Income taxes payable or refund, including any self-employment tax and AMT, if applicable? Note: Round your Intermedlate computations to the nearest whole dollar amount. EXHIBIT 8-10 Child and Dependent Care Credit Percentage nverve. 2

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