(Solved): EXHIBIT 8-10 2023 Earned Income Credit Table Married taxpayers All taxpayers except married Sourc ...

EXHIBIT 8-10 2023 Earned Income Credit Table Married taxpayers All taxpayers except married Source: Internal Revenue Code. "Rev. Proc. 2022-38." www.irs.gov. Required Information [The following information applles to the questions displayed below.] Sandy and John Ferguson got marrled elght years ago and have a seven-year-old daughter, Samantha. In 2023, Sandy worked as a computer techniclan at a local unlversity earning a salary of $\$152,100$, and John worked part time as a receptlonist for a law firm, earning a salary of $\$29,100$. Sandy also does some Web design work on the side and reported revenues of $\$4,100$ and assoclated expenses of $\$800$. The Fergusons recelved $\$820$ in qualified dividends and a $\$205$ refund of thelr state Income taxes. The Fergusons always itemlze their deductions, get the full benefit of deducting the entire amount of state Income taxes pald, and thelr Itemized deductions were well over the standard deduction amount last year. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capltal Galins Tax Rates, 2023 AMT exemption for reference. The Fergusons reported making the following payments during the year: - State Income taxes of $\$4,425$. Federal tax withholding of $\$21,000$. - Allmony payments to Sandy's former spouse of $\$10,050$ (divorced 12/31/2014). - Child support payments for Sandy's child with her former spouse of $\$4,110$. - $\$12,210$ of real property taxes. - John was relmbursed $\$605$ for employee business expenses he Incurred. He was required to provide documentation for the expenses to his employer. - $\$3,600$ to KId Care day care center for Samantha's care while Sandy and John worked. - $\$14,100$ interest on thelr home mortgage (\$400,000 acquisition debt). - $\$3,015$ interest on a $\$40,200$ home-equity loan. They used the loan to pay for a family vacation and new car. - $\$15,050$ cash charltable contributions to qualified charitles. - Donation of used furnlture to Goodwill. The furnlture had a falr market value of $\$410$ and cost $\$2,050$. a. What is the Fergusons' 2023 federal Income taxes payable or refund, Including any self-employment tax and AMT, If applicable? Note: Round your Intermedlate computations to the nearest whole dollar amount. EXHIBIT 8-5 2023 AMT Exemptions Tax Rates for Net Capital Gains and Qualified Dividends *This rate applies to the net capital gains and qualified dividends that fall within the range of toxable income specified in the table (net capital gains and qualified divid are included in tocable income last for this purpose). 2023 Tax Rate Schedules Individuals Schedule X-Single Schednle V-1-Married Filing .Inintlv or Onalifving surviving snonse