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.