Reference no: EM132743688
Question - Valerie (age 52) & Stephen (age 55) McNamara have been married for 25 years and have one adult child, Tom, who is living on his own. They purchased their current home 7 years ago for $550,000.
Valerie & Stephen file joint tax returns. The table below summarizes their financial data for tax purposes. Use this information when you are answering the questions that follow.
Tax Item Amount
Stephen's Earnings $100,000
Valerie's Earnings $120,000
Federal Tax Withholdings $22,700
State Income Tax Withholdings $11,750
FICA & M/C $15,683
Savings Account Interest (2.5% per year) $1,800
State Refund from Prior Year $1,200
Home Mortgage Interest Paid (original mortgage on home valued at 500,000.) $12,500
Real Estate Taxes Paid $16,500
Charitable Contributions $1,000
Unreimbursed Medical Expenses $2,800
Stock Ownership: Union Motor Company (purchased 9 months ago & which they still hold)
Current Value: $4,000
Cost basis: $10,000
Whole Life Insurance Policy
Face Value: $100,000
Cash Value: $8,800
Owner: Stephen
Beneficiary: Valerie
Insured: Stephen
Policy Dividend: $300
Required - Compute the McNamara's AGI. Show your work.
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