Daniel and Donna Coleman are married filing jointly. Daniel is 53 years old and the Vice President of sales at a small start up company. Donna is 55 years old and a former advertising executive who currently consults with former clients. The Colemans have two children, Rachel (age 20) and Adam (age 18). Rachel does not work as she is a full time college student. Adam is a high school student and works weekends and summers. He earned $8500 in 2018
Income
Daniels salary $138,325
Federal Income tax withholding $27,230
State Income tax withholding $11,000
Donna’s consulting revenue $44,250
Interest income from First Band of New Jersey $320
Interest Income from Patterson, NJ school board $200
Interest income from US treasury bond $1350
Qualified Dividends income from Rio Tinto $2650
Dividend income (not qualified) from China Fund $2350
Expenses
Dentist (unreimbursed by insurance) $1500
Doctors (unreimbursed by insurance) $2425
Prescriptions (unreimbursed by insurance) $675
Real Property taxes on residence $7525
Vehicle Property tax $1250
Mortgage interest on principal residence $12,550
Margin interest paid on brokerage account load $600
Fee paid for tax preparation $1200
Contribution to United Way $2000
Contribution to American Cancer Society $5000
Calculate AGI, Deductions and Itemized Deductions
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $152.000, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of...
John and Sandy Ferguson got married elght years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons recelved $800 In qualified dividends and a $200 refund of...
details on how to solve this problem
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $152.000, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in...