Accounting Assignment | College Homework Help

Andy and Marcia Tufts, both age 35, are married with two dependent children and file a joint return. From the following information, compute their tax owed or refund due for 2015.

Andy’s salary 50,000
Federal income tax withheld 4,000
Marcia’s salary 42,000
Federal income tax withheld 3,500
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 7,800
Interest on credit cards 300
Real property taxes on the residence 2,300
State income taxes 2,800
Fee for preparation of tax returns 125
Union dues and subscriptions 480

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