Question: Federal Tax 1 In Class Homework Problems Chapter 4 We will discuss in class the impact if this was if this was 2018 1. John

Federal Tax 1 In Class Homework Problems Chapter 4 We will

Federal Tax 1 In Class Homework Problems Chapter 4 We will discuss in class the impact if this was if this was 2018 1. John and Mary Smith are married and file a joint federal tax return They have 2 dependent children ages 17 & 18. John and Mary have the following information for 2017: Income $120,000 John's Salary Mary's Salary Interest Income from taxable bonds S8.000 Proceeds from a life insurance policy S50.000 (John's aunt passed away) Deductions: Alimony paid to Mary's ex spouse Itemized deductions: Charitable donations NJ State Income Tax Real Estate Taxes Home mortgage interest 100Q John had $ 19,500 in federal withholding tax withheld from his pay, while Mary had 12,000 withheld A - Calculate the Smith's 2017 Gross Income B - Calculate the Smith's 2017 AGI C - Calculate the Smith's 2017 Taxable Income D -Calculate the Smith's refund or balance due

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