Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha....
60.1K
Verified Solution
Question
Accounting
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 $152,400, and John worked part time as a receptionist for a law firm earning a salary of $29,400. Sandy also does some Web design work on the side and reported revenues of $4,400 and associated expenses of $950. The Fergusons received $880 in qualified dividends and a $220 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 $4,500. Federal tax withholding of $21,000.
Alimony payments to Sandy's former spouse of $10,200 (divorced 12/31/2014).
Child support payments for Sandy's child with her former spouse of $4,140.
$12,240 of real property taxes.
John was reimbursed $620 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 Samanthas care while Sandy and John worked.
$14,400 interest on their home mortgage ($400,000 acquisition debt).
$3,060 interest on a $40,800 home-equity loan. They used the loan to pay for a family vacation and new car.
$15,200 cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $440 and cost $2,200.
What is the Fergusons' 2022 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable?
Note: Round your intermediate computations to the nearest whole dollar amount.
Question based on 2022 tax law^
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.