09 Jul Peggy and Clyde Wagner have an AGI of $65,000 for 2018. Their expen
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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