Jamie and Viviana Carrazco are married and filed a joint return. Jamie made $45,500. Viviana made...

 

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Jamie and Viviana Carrazco are married and filed a joint return. Jamie made $45,500. Viviana made $12,600 working part time. They have four minor children. Jamie contributed $3,500 to an IRA for himself. Viviana contributed $3,000 to her IRA. Their itemized deductions are: $4,450 for medical and dental expenses; $13,200 for home mortgage interest; $540 for personal property tax; and $10,800 for charitable contributions. Together, they had $1,515 withheld for income tax during the year. Compute the federal income tax refund/owed if they itemize their deductions using Form 1040. Jamie's income Viviana's income Total income Minus adjustments to income (IRAS) Adjusted Gross Income Less itemized deductions (Schedule A) Medical expense Total medical expenses Adjusted gross income times 7.5% Total deductible medical expense Other deductions Home mortgage interest Personal property tax Charitable contributions Total other deductions Total all deductions Less exemptions (6 @ $3,500 each) Taxable income Federal income tax (married filing jointly) Federal income tax withheld Amount due/Refund due Jamie and Viviana Carrazco are married and filed a joint return. Jamie made $45,500. Viviana made $12,600 working part time. They have four minor children. Jamie contributed $3,500 to an IRA for himself. Viviana contributed $3,000 to her IRA. Their itemized deductions are: $4,450 for medical and dental expenses; $13,200 for home mortgage interest; $540 for personal property tax; and $10,800 for charitable contributions. Together, they had $1,515 withheld for income tax during the year. Compute the federal income tax refund/owed if they itemize their deductions using Form 1040. Jamie's income Viviana's income Total income Minus adjustments to income (IRAS) Adjusted Gross Income Less itemized deductions (Schedule A) Medical expense Total medical expenses Adjusted gross income times 7.5% Total deductible medical expense Other deductions Home mortgage interest Personal property tax Charitable contributions Total other deductions Total all deductions Less exemptions (6 @ $3,500 each) Taxable income Federal income tax (married filing jointly) Federal income tax withheld Amount due/Refund due