Preparation of Family Tax Planning And Giving Them Recommendations

Question

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?

Total Word Count 460