Federal Taxation 2018
Peggy and Clyde Wagner accept an AGI of $65,000 for 2018. Their costs for 2018 are:
Prescription drugs $ 4,580
Interest on home mortgage 9,700
Doctor and dental bills paid 2,700
Hospital bills paid 1,900
Property taxes paid on home 3,650
State Assets Taxes withheld from accomplishment 2,700
Safe drop box rental 360
Interest on auto accommodation 1,750
Credit Card Interest paid 500
Medical Insurance Premiums 2,600
Eyeglasses for Peggy 565
Fair Market Value of TPP, Inc banal donated to abbey 2,800
Union Dues paid by Clyde 720
Cash contributions to abbey 2,800
Tax alertness fee 450
Both Peggy and Clyde are beneath 40 and accept lived in Oregon for the absolute year. They accept four children, ages 8, 10, 14 and 17. They will book a collective assets tax acknowledgment for this year.
a. Calculate their absolute itemized deductions?
b. What is their taxable income?
c. Calculate their tax liability.
d. If they had a absolute of $5,600 of Federal denial from their employment, will they have an overpayment (refund) or underpayment (tax to pay)?
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