Principles of TaxationYou are meeting with new clients, Fred and Wilma Flintstone, to prepare the tax return for the year 2020. The following information is what you are provided with:Fred is in sales. Wages were $182,215.80, F/W is $35,738; Social Security Wages is $137,700, Social Security tax w/h is $8,537.40; Medicare Wages is $212,097.46 and Medicare tax is $3,184.29; State Wages are $185,215.80 with NY tax w/h of $13,999.67. Fred contributed $26,000 to his 401k Plan and was born 8/5/1964.Wilma is a teacher, and her Wages were $113,022.92 with F/W of $13,509.82; Social Security wages are $132,522.92, Social Security tax W/H is $8,216.46; Medicare wages are $132,522.92 and taxes W/H are $1,921.54; NY State wages are $113,022.92 with taxes W/H $6,333.58. Wilma also contributes to the 403b plan in the amount of $19,500 and was born 12/8/1971. Wilma is also a coach for Volleyball on the side and earned $3,400 as a non-employee and has expenses totaling $2,751.Fred and Wilma have two children, Eli and Peyton. They are twins born 9/1/2006. They live in Bedrock, NY in a one family house. The mortgage balance is $236,000. During the year the interest paid was $7,589.13. The real estate taxes were $17,316.12. The interest earned during the year was $26. They are very charitable and their contribution to church and other charities was $4,068. In addition, they gave clothing, household goods, toys, and furniture to a local charity worth $10,000 with a thrift value of $1,185.You must answer the following questions:What is their Total Income?What is their Adjusted Gross Income?What is their Taxable Income?How much is the tax on their income?Are there any other taxes that should be included?Will they receive a refund or owe? How much?
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