What is the fergusons 2022 federal income tax

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Reference no: EM133412604

Case: 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 revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 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 $4,400. 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 documentation for the expenses to his employer.

$3,600 to Kid Care day care center for Samantha's care while Sandy and John worked.

$14,000 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?

Reference no: EM133412604

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