Business Finance Homework Help

Hi, I need help with an Accounting Assignment.

This problem requires you to calculate taxes owed or the refund due for a married couple filing jointly. Please be sure to label your work and show your calculations for the opportunity to earn partial credit.

Comprehensive Problem (In an Excel spreadsheet).

The first worksheet of your workbook should be a cover page and the last worksheet should be your References page.

Andy and Marcia Tufts, both age 35, are married with two children and file a joint return. Assume the children do not qualify for the child tax credit (Ch. 9), and the mortgage is not over $750,000. From the following information, compute their tax owed or refund due for 2020.

Andy’s salary $50,000

Federal income tax withheld 4,000

Marcia’s salary 42,000

Federal income tax withheld 5,000

Andy’s contribution to an IRA (assume IRA is deductible for AGI) 2,000

Dividends received from domestic corporations 950

Medical expenses for doctors and hospitals 8,200

Premiums for health insurance 2,600

Prescription drugs and medicines 800

Eyeglasses for one of the children 175

Interest on home mortgage 12,800

Interest on credit cards 300

Real property taxes on residence 6,300

State income taxes 5,800

Fee for preparation of tax returns 125

Union dues and subscriptions 480