John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John 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. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year: • State income taxes of $4,40O. Federal tax withholding of $21,000. Alimony payments to John's former wife of $10,000 (divorced on 12/31/2014). Child support payments for John's child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samantha's care while John and Sandy 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. Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: John (DOB 11/07/1970): 111-11-1111 Sandy (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555 (Input all the values as positive numbers. Round your intermediate calculations and final answers to the nearest whole dollar. Use 2020 tax rules regardless of year on tax form.) 1040 for a couple Married Filing Jointly with two dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 2 Schedule 3 6251 PG 1 John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John 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. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year: • State income taxes of $4,40O. Federal tax withholding of $21,000. Alimony payments to John's former wife of $10,000 (divorced on 12/31/2014). Child support payments for John's child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samantha's care while John and Sandy 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. Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: John (DOB 11/07/1970): 111-11-1111 Sandy (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555 (Input all the values as positive numbers. Round your intermediate calculations and final answers to the nearest whole dollar. Use 2020 tax rules regardless of year on tax form.) 1040 for a couple Married Filing Jointly with two dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 2 Schedule 3 6251 PG 1
Expert Answer:
Answer rating: 100% (QA)
Gross income Salary 181000 Selfemployment revenues 4000 Dividends 800 State income tax refund 200 1 ... View the full answer
Related Book For
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
Students also viewed these law questions
-
John and Sandy Ferguson got married eight years ago and have a seven-year old daughter Samantha. In 2014, John worked as a computer technician at a local university earning a salary of $52,000, and...
-
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter Samantha. In 2017, John worked as a computer technician at a local university earning a salary of $52,000, and...
-
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter Samantha. In 2015, John worked as a computer technician at a local university earning a salary of $52,000, and...
-
A car has a sticker price of $69,000. The car has a 100 hp engine and can accelerate from 0 to 60 mph in 15.8 seconds. The lease rate is 4.6%. The term of the lease is three years. The buyout is...
-
Repeat Worked-Out Problem 10.4 (page 328), but assume that Angela earns $70 this year and $30 next year. MRS = F1 / F0. Suppose she earns $70 this year and $30 next year. Food costs $1 per kg in both...
-
Identify a company following a market niche strategy in each of the following industries: higher education, apparel, soft drinks, and rental cars.
-
How can we use packaging to structure modeling artifacts?
-
Emerson St. Paul Book Shops accounts at June 30, 2012, included the following unadjusted balances: The physical count of inventory on hand on June 30, 2012, was $5,000. Requirements 1. Journalize the...
-
What are the influence tactics Managers choose ?
-
1. In cell E2, enter a formula using the HLOOKUP function to determine a staff member?s base salary (which is based on the number of years of service). a. Use a structured reference to look up the...
-
Required Skills Inventory Write an derived class in Java according to Inter faces pecifications given in UML. Implement base class Interfaces in java according to specifications given in UML. Problem...
-
In Problems 11-18, find the three measures of central tendency (the mean, median, and mode). \(17,18,19,20,21\)
-
Why would a company purchase a subsidiary rather than simply establish a new subsidiary ofi ts own?
-
Using Figure 14.12 (Problem 6), what is the total change in benefits at the time the recession ended, as compared with the previous year? Data from Problem 6 Consider the graph shown in Figure 14.12....
-
Parent Ltd. acquired 100% of the voting shares of Sub Ltd. on January 1, 2006, for $1,255,000. The financial statement of Sub Ltd. on the date of acquisition was as follows: The inventory will be...
-
Do you agree or disagree that DSM should be updated every several years? Why? What makes abnormal behavior so variable?
-
A purple plushy is thrown straight upward off a 120 meter high building. The building is located somewhere on the surface of Earth. 10 seconds later, the purple plushy hits the ground. Question A:...
-
Four GWU students have been selected to taste food sold by 3 different food trucks labeled as food truck A, B and C on H & 22nd Streets every Monday for 3-weeks. For each student, food trucks are...
-
In 2017, Sven is single and has $120,000 of regular taxable income. He itemizes his deductions as follows: real property tax of $2,000, state income tax of $4,000, mortgage interest expense of...
-
Breslin, Inc. made a capital contribution of investment property to its 100 percent-owned subsidiary, Crisler Company. The investment property had a fair market value of $3,000,000 and a tax basis to...
-
Doug Jones submitted his 2017 tax return on time and elected to file a joint tax return with his wife, Darlene. Doug and Darlene did not request an extension for their 2017 tax return. Doug and...
-
What is the difference between an F+ and an Hfr strain? Which type of strain can transfer many bacterial genes to recipient cells?
-
What is the role of the origin of transfer during conjugation involving F+ and Hfr strains? What is the significance of the direction of transfer in Hfr conjugation?
-
What is the role of sex pili during conjugation?
Study smarter with the SolutionInn App