Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially.In 2019, Ed and Jane realized the following items of income and expense:
$\begin{array} { l r }
\text { Item}&\text { Amount } \
\text { Ed's Salary } & 35,000\
\text { Jarie's Salary } & 70,000 \
\text { Muricipal bond interest income } &400 \
\text { Qualified business income } & 1,000 \
\text { Alimony paid for AGI deduction) } &( 7,000 ) \
\text { Real property tax (from AGI deduction) } & ( 10,000 ) \
\text { Charitable contributions (from AGI) } &( 15,000 ) \
\end{array}$ They also qualified for a $2,000 child tax credit.Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate).Finally, the 2019 standard deduction amount for MFJ taxpayers is $24,400.
What are the couple's taxes due or tax refund? (Use the tax rate schedules, not tax tables.)

Question

Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially.In 2019, Ed and Jane realized the following items of income and expense:
 $\begin{array} { l r } 
\text { Item}&\text { Amount } \
\text { Ed's Salary } & 35,000\
\text { Jarie's Salary } &  70,000 \
\text { Muricipal bond interest income } &400  \
\text { Qualified business income } & 1,000 \
\text { Alimony paid for AGI deduction) } &( 7,000 ) \
\text { Real property tax (from AGI deduction) } & ( 10,000 )  \
\text { Charitable contributions (from AGI) } &( 15,000 ) \
\end{array}$  They also qualified for a $2,000 child tax credit.Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate).Finally, the 2019 standard deduction amount for MFJ taxpayers is $24,400.
What are the couple's taxes due or tax refund? (Use the tax rate schedules, not tax tables.)

Quizplus · Accepted Answer

The Answer of Jane and Ed Rochester are married with a 2-year-old child, who lives with them and whom they support financially.In 2019, Ed and Jane realized the following items of income and expense:
 $\begin{array} { l r } 
\text { Item}&\text { Amount } \
\text { Ed's Salary } & 35,000\
\text { Jarie's Salary } &  70,000 \
\text { Muricipal bond interest income } &400  \
\text { Qualified business income } & 1,000 \
\text { Alimony paid for AGI deduction) } &( 7,000 ) \
\text { Real property tax (from AGI deduction) } & ( 10,000 )  \
\text { Charitable contributions (from AGI) } &( 15,000 ) \
\end{array}$  They also qualified for a $2,000 child tax credit.Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate).Finally, the 2019 standard deduction amount for MFJ taxpayers is $24,400.
What are the couple's taxes due or tax refund? (Use the tax rate schedules, not tax tables.)

Jane and Ed Rochester Are Married with a 2-Year-Old Child