Calculate the 2016 federal income tax and due or refund for


William A. Gregg, a high school educator, and Mary W. Gregg, a microbiologist, are married and file a joint income tax return for 2016. Neither William nor Marry is over 50 years old, and both have excellent sight. They provide the sole support of their three children:Barry, Kimberly, and Rachel (all under age 17). The following information is from the records for 2016:

Salaries, and wages, William .................... 34,550

Federal income tax withheld ................ 2,320

Salaries, and wages, Mary ........................ 44,800

Federal income tax withheld ................. 4,360

Interest income- Home Saving and Loan ...... 690

Interest income- City Bank ........................ 220

Tax-exempt interest income ...................... 1,400

Itemized deductions as follows:

Hospitalization insurance ...................... 320

Unreimbursed fees of doctors, hospitals .. 740

Unreimbursed prescription drugs ............ 310

Real estate taxes on residence ............... 1,350

State income taxes paid ........................ 1,440

State sales taxes paid ........................... 720

Interest paid on original home mortgage .. 8,430

Charitable contribution- Faith Church ....... 1,720

Charitable contribution- State University .. 200

Quarterly estimated taxes paid ............... 3,500

Calculate the 2016 Federal income tax and due (or refund) for the Gregg's assuming they file a joint return.

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Business Economics: Calculate the 2016 federal income tax and due or refund for
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