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Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use 2022 tax law.
Use these instructions: 2022 Instruction 1040 (irs.gov).
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None of the parents received Advance Child Tax Credit Payments.
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Sam is single, 30, and has no children. He made a salary of $250,000 with $40,000 in Federal withholding. He has the following items:
Medical 8,000
Mortgage interest 5,000
Credit card interest 2,000
Property tax 2,500
Sales tax 1,500
State income tax withheld 22,000
Charitable contributions 1,000
Tax return preparation fee 500
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Please show your work.
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Compute the adjusted gross income.
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Compute the itemized deductions before any limitations.
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Compute the itemized deductions after any limitations.
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Compute the taxable income.
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Compute the tax liability.
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Is he subject to alternative minimum tax? Why or why not?
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Compute his tax refund or tax due.
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