Will the green owe additional federal income taxes

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Question - You have been hired to determine the income tax owed by Jake and Anna Green. They are a married couple with 3 dependent children. They decided to file their taxes jointly this year and had a combined gross income of $105,000. They had an adjustment of $800 and tax credits $4000. They give you an itemize list of their deductions that include mortgage interest if $7,500, charitable contributions of $1500, student loan interest of $2,500, and property taxes of $1450. What is Jake and Anna Green's adjusted gross income? What is Jake and Anna Green's taxable income? What is Jake and Anna Green's income tax owed for the year? Each month Jake and Anna Green together withheld $1,245 per month from their paycheck in federal taxes. How much did they withhold for the year? Did Jake and Anna Green withhold enough per month from their check to cover the income tax owed for the year? Will the Green's owe additional federal income taxes or will they get a federal income tax refund? How much will they owe or how much will be refunded to them?

Reference no: EM133000462

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