In a. O 47. Comprehensive Problem. Andy and Marcia Tufts, both age 35, are...
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Accounting
In a. O 47. Comprehensive Problem. Andy and Marcia Tufts, both age 35, are married with two children and file a joint return. Assume the children do not qualify for the child tax credit (Ch. 9), and the mortgage is not over $750,000. From the following information, compute their tax owed or refund due for 2020. e r $50,000 4,000 42,000 5,000 49. 2,000 950 Andy's salary Federal income tax withheld Marcia's salary Federal income tax withheld Andy's contribution to an IRA (assume IRA is deductible for AGI) Dividends received from domestic corporations Medical expenses for doctors and hospitals Premiums for health insurance Prescription drugs and medicines Eyeglasses for one of the children Interest on home mortgage Interest on credit cards Real property taxes on residence State income taxes 8,200 2,600 800 175 12,800 50 300 6,300 5,800 Fee for preparation of tax returns Union dues and subscriptions 125 480
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