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  3. 1. john (age 66) and mary (age 59) smith are marri

1. John (age 66) and Mary (age 59) Smith are married and file a joint...

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Accounting

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1. John (age 66) and Mary (age 59) Smith are married and file a joint federal tax return. They have no other dependents. John and Mary have the following information for 2021: Income: John's Salary $ 120,000 Mary's Salary $ 80,000 Interest Income from taxable bonds $ 8,000 Proceeds from a life insurance policy $ 50,000 (John's aunt passed away) $ 25,000 Deductions: Alimony paid to Mary's ex-spouse (pre 1/1/19 divorce) Itemized deductions Medical deduction Home mortgage interest Real Estate Taxes $ 6,000 $ 11,000 $ 9,000 During 2021, John had $ 19,500 in federal withholding tax withheld from his pay, while Mary had 12,000 withheld. a - Calculate the Smith's 2021 Gross Income. b - Calculate the Smith's 2021 AGI. C- Calculate the Smith's 2021 Taxable income d - Calculate the Smith's refund or balance due

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