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 $152,200, and John worked part time as a receptionist for a law firm, earning a salary of $29,200. Sandy also does some Web design work on the side and reported revenues of $4,200 and associated expenses of $850. The Fergusons received $800 in qualified dividends and a $210 refund of their state income taxes. The Fergusons always itemize their deductions, get the full benefit of deducting the entire amount of state income taxes paid, 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 $4,450. Federal tax withholding of $21,000. Alimony payments to Sandy's former spouse of $10,100 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4.120 $12,220 of real property taxes. John was reimbursed $610 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer. $3.600 to Kid Care day care center for Samantha's care while Sandy and John worked. $14,200 interest on their home mortgage ($400,000 acquisition debt). $3,030 interest on a $40,400 home-equity loan. They used the loan to pay for a family vacation and new car. $15,100 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $420 and cost $2,100 Comprehensive Problem 8-85 Part a (Static) o. 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. Tax payable Tax refund

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 $152,200, and John worked part time as a receptionist for a law firm, earning a salary of $29,200. Sandy also does some Web design work on the side and reported revenues of $4,200 and associated expenses of $850. The Fergusons received $800 in qualified dividends and a $210 refund of their state income taxes. The Fergusons always itemize their deductions, get the full benefit of deducting the entire amount of state income taxes paid, 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 $4,450. Federal tax withholding of $21,000. Alimony payments to Sandy's former spouse of $10,100 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4.120 $12,220 of real property taxes. John was reimbursed $610 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer. $3.600 to Kid Care day care center for Samantha's care while Sandy and John worked. $14,200 interest on their home mortgage ($400,000 acquisition debt). $3,030 interest on a $40,400 home-equity loan. They used the loan to pay for a family vacation and new car. $15,100 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $420 and cost $2,100 Comprehensive Problem 8-85 Part a (Static) o. 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. Tax payable Tax refund

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 67TA

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Question

The Fergusons reported making the following payments during the year:

State income taxes of $4,450. Federal tax withholding of $21,000.
Alimony payments to Sandy's former spouse of $10,100 (divorced 12/31/2014).
Child support payments for Sandy's child with her former spouse of $4.120
$12,220 of real property taxes.
John was reimbursed $610 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer.
$3.600 to Kid Care day care center for Samantha's care while Sandy and John worked.
$14,200 interest on their home mortgage ($400,000 acquisition debt).
$3,030 interest on a $40,400 home-equity loan. They used the loan to pay for a family vacation and new car.
$15,100 cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $420 and cost $2,100

Comprehensive Problem 8-85 Part a (Static)

o. 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.

Tax payable

Tax refund

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