Question: I know it is a refund, but I cannot get the correct number for the amount. This was my first attempt -- can you tell
I know it is a refund, but I cannot get the correct number for the amount. This was my first attempt -- can you tell me where I went wrong? Pictures of actual question and supplemental documents are included.
| Salary (153,900 + 30,900) | $184,800 |
| Self Employment Revenue | $5,900 |
| Dividends | $1,180 |
| State Income Tax Refund | $200 |
Gross Income | $192,080 |
| Self Employment Expenses | ($1,700) |
| Employer Portion Self Employment Taxes (5,900-1,700) * .9235 * (.029/2) | ($56) |
| Alimony | ($10,950) |
AGI | $179,374 |
| Taxes (limit is $10,000) | ($10,000) |
| Home Mortgage Interest | ($15,900) |
| Cash Charitable Contributions | ($15,950) |
| Non-Cash Charitable Contributions (fair value) | ($590) |
| QBI Deduction (5900-1700-56) * .20 | ($829) |
Taxable Income | $132,820 |
| Tax on Income without dividends (132820-1180) * info on tax schedule | $20,541 |
| Tax on Dividends (1180 * .15) | $177 |
| Self Employment Tax (5900-1700) * .9235 * .029 | $113 |
Total Taxes | $20,831 |
| Child Care Credit (3000 * .20) | ($600) |
| Child Tax Credit (IRS guideline) | ($2,000) |
| Federal Tax Withholding | ($21,000) |
Tax Refund | $2,769 |
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