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 $153,000, and John worked part time as a receptionist for a law firm earning a salary of $30,000. Sandy also does some Web design work on the side and reported revenues of $5,000 and associated expenses of $1,250. The Fergusons received $1,000 in qualified dividends and a $250 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 $4,650. Federal tax withholding of $21,000. Alimony payments to Sandy's former spouse of $10,500 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4,200 $12,300 of real property taxes. . . • John was reimbursed $650 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. . $15,000 interest on their home mortgage ($400,000 acquisition debt).
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 $153,000, and John worked part time as a receptionist for a law firm earning a salary of $30,000. Sandy also does some Web design work on the side and reported revenues of $5,000 and associated expenses of $1,250. The Fergusons received $1,000 in qualified dividends and a $250 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 $4,650. Federal tax withholding of $21,000. Alimony payments to Sandy's former spouse of $10,500 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4,200 $12,300 of real property taxes. . . • John was reimbursed $650 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. . $15,000 interest on their home mortgage ($400,000 acquisition debt).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ff.247.
Transcribed Image Text: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 $153,000, and John worked part time as a
receptionist for a law firm earning a salary of $30,000. Sandy also does some Web design work on the side and reported
revenues of $5,000 and associated expenses of $1,250. The Fergusons received $1,000 in qualified dividends and a
$250 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 $4,650. Federal tax withholding of $21,000.
Alimony payments to Sandy's former spouse of $10,500 (divorced 12/31/2014).
.
.
Child support payments for Sandy's child with her former spouse of $4,200
$12,300 of real property taxes.
.
John was reimbursed $650 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.
$15,000 interest on their home mortgage ($400,000 acquisition debt).
$3,150 interest on a $42,000 home-equity loan. They used the loan to pay for a family vacation and new car
• $15,500 cash charitable contributions to qualified charities.
• Donation of used furniture to Goodwill. The furniture had a fair market value of $500 and cost $2,500.
Comprehensive Problem 8-85 Part a (Algo)
a. 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.
Answer is complete but not entirely correct..
Tax refund
s 153.000
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