Jane and Ed Jones are married with a four-year old child who lives with them...
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Accounting
Jane and Ed Jones are married with a four-year old child who lives with them and whom they support financially. In 2021, Ed and Jane realized the following items of income and expense:
Ed's Salary - $35,000
Jane's Salary - $34,400
Municipal Bond Interest income - $400
Alimony paid to Ed's ex-wife (divorce was final in 2010) - $7,000
Real property tax paid - $8,000
They also qualified for a $2,000 tax credit. Their employers withheld $2,800 in taxes from the paychecks (in the aggregate).
What is the couple's tax due or tax refund?
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