Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandyworked as a computer technician at a local university, earning a salary of $152,000, and John worked part time as areceptionist for a law firm, earning a salary of $29,000. Sandy also does some Web design work on the side and reportedrevenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions werewell over the standard deduction amount last year. Assume that in the previous year, Fergusons got the full benefit ofdeducting the entire amount of their state income taxes. 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 $4,400. Federal tax withholding of $21,000.• Alimony payments to Sandy's former spouse of $10,000 (divorced 12/31/2014).• Child support payments for Sandy's child with her former spouse of $4,100.• $12,200 of real property taxes.• John was reimbursed $600 for employee business expenses he incurred. He was required to provide documentationfor the expenses to his employer.• $3,600 to Kid Care day care center for Samantha's care while Sandy and John worked.• $14,000 interest on their home mortgage ($400,000 acquisition debt).• $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car.• $15,000 cash charitable contributions to qualified charities.• Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000.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.8

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 $152,000, and John worked part time as a receptionist for a law firm earning a salary of $29.000. Sandy also does some Web design work on the side and reported.

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 $152,000, and John worked part time as a receptionist for a law firm earning a salary of $29.000. Sandy also does some Web design work on the side and reported.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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