ACCOUNTING-During all of 2015, Mr. and Mrs. Clay lived with their four children

QUESTION

During all of 2015, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2015. Neither is blind, and both are under age 65. They reported the following tax-related information for the year.Salary income$125,000Prize from local radio station1,500Medical expenses (no health insurance)4,000Real estate taxes4,200Alimony paid by Mr. Clay12,000State income taxes withheld in 20151,800State income taxes paid with 2015 tax return (return was filed in April, 2016) 1,500Federal income tax withholding7,500Qualified home mortgage interest11,000Charitable contributions4,000 A. What is the Clays’ taxes payable or (refund due) (ignore the alternative minimum tax)? (10 points) B. What is the Clays’ tentative minimum tax and alternative minimum tax? (5 points)

ANSWER:

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