An Excel spreadsheet using formulas and cell referencing is required for this assignment. I am willing to provide feedback by email and if you prepare your solution no later than 9:00 am on Tuesday, Oct. 16. All assignments will be submitted by email. Attach the original file to an email. Do not send me a link to a shared file.

Gary and Wendy are married and file a joint tax return claiming their seven children, ages 6, 8, 10, 12, 14, 16 and 18, as dependents. They pay Susan Smith $18,000 per year to care for their children after school and provide some house cleaning (you can ignore household employment taxes). Information for 2018 includes the following:

AGI including Garys earned income of $375,000 and Wendys earned income of $35,000	$420,000
Federal income taxes (all paid in 2018)	80,000
State and local income taxes (all paid in 2018)	11,000
Real estate property taxes	8,300
Home mortgage interest	12,500
Charitable contributions	7,200

(You can ignore any possible additional medicare tax and net investment income tax.)

Starting with AGI, show each step of the tax formula and calculate taxable income, tax (before credits), child tax credit, child & dependent care credit, total tax credits, total tax (after credits), tax due (refund due). The rows could be labeled as follows:

AGI

Less from AGI deductions:

Itemized Deductions

Exemptions

Taxable Income

Tax on Taxable Income (before credits)

Less Tax Credits:

Child Tax Credit

Child & Dependent Care Credit

Total Tax Credits

Total Tax After Credits

Prepayments

Tax Due (Refund Due)

( hey can you use the format above, I have bolded it for you. I am trying to compare my answers.