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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