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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