Question
In: Accounting
Dave and Sally Tufts, both age 35, are married with two children and file a joint...
Dave and Sally Tufts, both age 35, are married with two children and file a joint return. Assume the children do not qualify for the child tax credit, and the mortgage is not over $750,000. From the following information, compute their tax owed or refund due for 2020.
Dave's Salary = $50,000
Federal income tax withheld = 4,000
Sally's Salary= 42,000
Federal income tax withheld = 5,000
Andy's contribution to an IRA (assume IRA is deductible for AGI)= 2,000
Dividends received from domestic corporations= 950
Medical expenses for doctors and hospitals= 8,200
Premiums for health insurance= 2,600
Prescription drugs and medicines= 800
Eyeglasses for one of children= 175
interest on home mortgage= 12,800
interest on credit cars= 300
real property taxes on residence= 6,300
state income taxes= 5,800
fee for preparation of tax returns= 125
Union dues and subscriptions= 480
*Please adds explanations so I can take good notes thank you**
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Dave and Sally Tufts, both age 35, are married with two children and file a joint...
Dave and Sally Tufts, both age 35, are married with two children
and file a joint return. Assume the children do not qualify for the
child tax credit, and the mortgage is not over $750,000. From the
following information, compute their tax owed or refund due
for 2020.
Dave's Salary = $50,000
Federal income tax withheld = 4,000
Sally's Salary= 42,000
Federal income tax withheld = 5,000
Andy's contribution to an IRA (assume IRA is deductible for
AGI)= 2,000
Dividends...
Glen and Diane Okumura (both age 48) are married, file a joint return, and live at...
Glen and Diane Okumura (both age 48) are married, file a joint
return, and live at 39 Kaloa Street, Honolulu, HI 96815. Glen’s
Social Security number is 111-11-1111, and Diane’s is 123-45-6789.
The Okumuras have two dependent children, Amy (age 15) and John
(age 9). Amy’s Social Security number is 123-45-6788, and John’s
Social Security number is 123-45-6787. Glen works for the Hawaii
Public Works Department, and Diane works in a retail dress shop.
Glen’s employer provided medical insurance to...
Barb and Barney are married and file a joint return. They have two children, Lulu and...
Barb and Barney are married and file a joint return. They have
two children, Lulu and Zoe, that live at home and whom they fully
support. Lulu is 9 and Zoe is 13 years old. In order for Barb and
Barney to both work, they pay care providers to take care of Lulu
and Zoe after school. The total care cost for the year were: Lulu
$4,800, and Zoe $3,800. During the year Barb earned salary of
$24,500 and Barney...
Kyle and Tess Water are married, file a joint return, and have two dependent children in...
Kyle and Tess Water are married, file a joint return, and have
two dependent children in college, Luke and Taylor. Luke attends a
State University in a neighboring state, and Taylor attends a State
University in their home state. Neither receives any type of
financial assistance. The Water modified AGI in 2017 is $119,000.
The children's classifications and expenses are as follows:
Spring Semester
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Luke: Senior Master's candidate
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Matt and Carrie are married, have two children, and file a joint return. Their daughter Katie...
Matt and Carrie are married, have two children, and file a joint
return. Their daughter Katie is 19 years old and is a full-time
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while she was away at school during the year were as follows: Use
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Tuition
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Class fees
300
Books
500
Room and board
4,500
Katie received a half-tuition scholarship that...
1) Tony and Lisa are married and file a joint return. They have two children, ages...
1) Tony and Lisa are married and file a joint return. They have
two children, ages 2 and 4. Their combined AGI is $86,300. Tony's
earned income is $50,000; Lisa's is $36,300. They incur $6,200 in
child care expenses ($3100 per child) to enable them to be employed
during the current year. Their child and dependent care credit
is
$6,200.
$1,240.
$1,200.
$6,000.
2) Connie has AGI of $90,000 and owns rental property generating
a $27,000 loss. She actively manages...
4. Apple and Bob Johnson (both age 45) are married taxpayers who file a joint return....
4. Apple and Bob Johnson (both age 45) are married taxpayers who
file a joint return. They have a son, John, age 10. During 2018,
they had the following receipts:
1
Salary (Apple’s salary: $85000, Bob’s:$72,000)
$157,000
2.
Interest Income
City of Normal school bonds
$1,000
Ford Motor Company
bonds 1,200
PNC Bank certificate of
deposit 600
2,800
3.
Annual gift from parents
26,000
4.
Lottery
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5.
Short-term capital loss (from stock investment)
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Dan and Cheryl are married, file a joint return, and have no children. Dan is a...
Dan and Cheryl are married, file a joint return, and have no
children. Dan is a pharmaceutical salesman and Cheryl is a nurse at
a local hospital. Dan's SSN is 400-20-1000 and Cheryl's SSN is
200-40-8000 and they reside at 2033 Palmetto Drive, Nashville, TN
28034. Dan is paid according to commissions from sales; however,
his compensation is subject to withholding of income and payroll
taxes. He also maintains an office in his home as the
pharmaceutical company does not...
Dan and Cheryl are married, file a joint return, and have no children. Dan is a...
Dan and Cheryl are married, file a joint return, and have no
children. Dan is a pharmaceutical salesman and Cheryl is a nurse at
a local hospital. Dan's SSN is 400-20-1000 and Cheryl's SSN is
200-40-8000 and they reside at 2033 Palmetto Drive, Nashville, TN
28034. Dan is paid according to commissions from sales; however,
his compensation is subject to withholding of income and payroll
taxes. He also maintains an office in his home as the
pharmaceutical company does not...
Problem 1: John and Mary are married and file a joint return claiming their three children...
Problem 1: John and Mary are married and file a joint return
claiming their three children ages 4, 5, and 18, as dependents.
Their AGI is $125,400 and their pre credit tax liability is $13,
431. They are not claiming any other tax credits in 2019. Complete
the Child Tax Credit Worksheet Parts 1 and 2 to determine John and
Mary’s child tax credit for 2019.
Problem 2: Jose and Jamie have a 5-year-old child. Jose has a
salary of...
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