Problem-husband a50 salary 90000wife, Ask an Expert

Accounting

Problem-

Husband (A50) Salary: $90,000

Wife (A48) Salary: $95,000

Child 1 (A17) Student

Child 2 (A10) Student

Husband 401k 10% of income

Wife

Mortgage $200,000 at 6%

Child Care Expense $5,000

Disability Insurance $2,500

Health Insurance $6,000

Charity Contributions $3,000

Goals:

1. College Savings
2. Retirement

What is their current tax situation?

What would you recommend?

Additional information-

This problem belongs to Accounting and find what is their current tax situation in the given problem.

Word limit- 500.

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