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During All of 2014, Mr A What Is the Clays' Taxes Payable or (Refund Due)

Question 154

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During all of 2014, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2014. Neither is blind, and both are under age 65. They reported the following tax-related information for the year Salary income $125,000 Prize from local radio station1,500Medical expenses (no health insurance) 4,000Real estate taxes 4,200 Alimony paid by Mr. Clay 12,000State income taxes withheld in 2014 1,800State income taxes paid with 2014 tax return (return was filed  in April, 2015) 1,500Federal income tax withholding 7,500 Qualified home mortgage interest 11,000Charitable contributions 4,000\begin{array}{llcc} \text {Salary income } &\$125,000 \\ \text { Prize from local radio station} &1,500\\\\ \text {Medical expenses (no health insurance) } &4,000\\ \text {Real estate taxes } &4,200\\ \text { Alimony paid by Mr. Clay } &12,000\\ \text {State income taxes withheld in 2014 } &1,800\\ \text {State income taxes paid with 2014 tax return (return was filed } & \\ \text { in April, 2015) } &1,500\\ \text {Federal income tax withholding } &7,500\\ \text { Qualified home mortgage interest } &11,000\\ \text {Charitable contributions } &4,000\\\end{array}
A. What is the Clays' taxes payable or (refund due) (ignore the alternative minimum tax)?
B. What is the Clays' tentative minimum tax and alternative minimum tax?

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A. Tax refund is $1,687.
B. A ...

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