[The following information applies to the questions displayed below.] 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 $153,300, and John worked part time as a receptionist for a law firm earning a salary of $30,300. Sandy also does some Web design work on the side and reported revenues of $5,300 and associated expenses of $1,400. The Fergusons received $1,060 in qualified dividends and a $265 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 $4,725. Federal tax withholding of $21,000. • Alimony payments to Sandy's former spouse of $10,650 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4,230. $12,330 of real property taxes . • John was reimbursed $665 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. . $15,300 interest on their home mortgage ($400.000 acquisition debt) • $3,195 interest on a $42,600 home-equity loan. They used the loan to pay for a family vacation and new car . $15,650 cash charitable contributions to qualified charities. . Donation of used furniture to Goodwill. The furniture had a fair market value of $530 and cost $2,650 . 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. THE Tax refund
[The following information applies to the questions displayed below.] 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 $153,300, and John worked part time as a receptionist for a law firm earning a salary of $30,300. Sandy also does some Web design work on the side and reported revenues of $5,300 and associated expenses of $1,400. The Fergusons received $1,060 in qualified dividends and a $265 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 $4,725. Federal tax withholding of $21,000. • Alimony payments to Sandy's former spouse of $10,650 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4,230. $12,330 of real property taxes . • John was reimbursed $665 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. . $15,300 interest on their home mortgage ($400.000 acquisition debt) • $3,195 interest on a $42,600 home-equity loan. They used the loan to pay for a family vacation and new car . $15,650 cash charitable contributions to qualified charities. . Donation of used furniture to Goodwill. The furniture had a fair market value of $530 and cost $2,650 . 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. THE Tax refund
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Domestic
![Required information
[The following information applies to the questions displayed below.]
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 $153,300, and John worked part time
as a receptionist for a law firm earning a salary of $30,300. Sandy also does some Web design work on the side and
reported revenues of $5,300 and associated expenses of $1,400. The Fergusons received $1,060 in qualified
dividends and a $265 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 $4.725, Federal tax withholding of $21,000.
.
Alimony payments to Sandy's former spouse of $10,650 (divorced 12/31/2014).
• Child support payments for Sandy's child with her former spouse of $4,230.
$12,330 of real property taxes.
.
• John was reimbursed $665 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.
$15,300 interest on their home mortgage ($400.000 acquisition debt).
• $3,195 interest on a $42,600 home-equity loan. They used the loan to pay for a family vacation and new car
$15,650 cash charitable contributions to qualified charities.
• Donation of used furniture to Goodwill. The furniture had a fair market value of $530 and cost $2,650.
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.
ye
Tax refund
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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 $153,300, and John worked part time
as a receptionist for a law firm earning a salary of $30,300. Sandy also does some Web design work on the side and
reported revenues of $5,300 and associated expenses of $1,400. The Fergusons received $1,060 in qualified
dividends and a $265 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 $4.725, Federal tax withholding of $21,000.
.
Alimony payments to Sandy's former spouse of $10,650 (divorced 12/31/2014).
• Child support payments for Sandy's child with her former spouse of $4,230.
$12,330 of real property taxes.
.
• John was reimbursed $665 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.
$15,300 interest on their home mortgage ($400.000 acquisition debt).
• $3,195 interest on a $42,600 home-equity loan. They used the loan to pay for a family vacation and new car
$15,650 cash charitable contributions to qualified charities.
• Donation of used furniture to Goodwill. The furniture had a fair market value of $530 and cost $2,650.
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.
ye
Tax refund
Siusieron
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