Federal Taxation 2018

Peggy and Clyde Wagner have an AGI of $65,000 for 2018. Their expenses for 2018 are:

Prescription drugs $ 4,580
Interest on home mortgage    9,700
Doctor and dental bills paid     2,700
Hospital bills paid    1,900
Property taxes paid on home    3,650
State Income Taxes withheld from wages    2,700
Safe deposit box rental 360
Interest on automobile loan    1,750
Credit Card Interest paid 500
Medical Insurance Premiums    2,600
Eyeglasses for Peggy 565
Fair Market Value of TPP, Inc stock donated to church 2,800
Union Dues paid by Clyde    720
Cash contributions to church     2,800
Tax preparation fee 450

Both Peggy and Clyde are under 40 and have lived in Oregon for the entire year. They have four children, ages 8, 10, 14 and 17. They will file a joint income tax return for this year.

a. Calculate their total itemized deductions?

b. What is their taxable income?

c. Calculate their tax liability.

d. If they had a total of $5,600 of Federal withholding from their employment, will they have an overpayment (refund) or underpayment (tax to pay)?

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