Leanne earns a gross yearly salary of $97,589. She has no dependent children and made the following tax deductible purchases:
Charitable contributions: $9,471
Student loan interest: $600
When she files her taxes, what will her tax refund be?
Round your answer to the nearest dollar.
Use the following information:
Standard deduction for single filers: $12200
Biweekly allowance: $161.54 per person.
For your final answer proceed as:
Annual Income Tax Pay/Refund = Total Annual Withholding - Final
Income Tax.
If the person has to pay the government, type the number with a
negative sign. For example -1280.
If the person has to receive a refund from government, type the
number without sign. For example 1280.
Gross yearly salary | 97589 | |
Less: Charitable deductions | -9471 | |
Less: Student loan interet | -600 | |
Less: Standard deduction | -12200 | |
Income for the year | 75318 | |
0-9700 | 970 | |
9701-39475 | 3572.88 | |
39476-75318 | 7885.24 | |
Tax payable | 12428.12 | |
Withholding taxes on Gross earning on 97589 | ||
$19773 or more | 5915.35 | + |
Total withholding taxes | 26,467 | |
Less: Income tax | 12,428 | |
Refund | 14,039 | |
Note : Assumption | ||
a. We are assuming that the deduction for the charitable institution and student loan interest will be fully allowed as deduction | ||
b. We are assuming that for withholding taxes also the leanne has declared all the deduction and taken the benefit of it |
Leanne earns a gross yearly salary of $97,589. She has no dependent children and made the...
Leanne earns a gross yearly salary of $165,314. She has no
dependent children and made the following tax deductible
purchases:
Charitable contributions: $6,524
Student loan interest: $791
When she files her taxes, what will her tax refund be?
Round your answer to the nearest dollar.
Use the following information:
Standard deduction for single filers: $12200
Biweekly allowance: $161.54 per person.
For your final answer proceed as:
Annual Income Tax Pay/Refund = Total Annual Withholding - Final
Income Tax.
If the...
Jeremy earned $101,900 in salary and $7,900 in interest income
during the year. Jeremy’s employer withheld $11,000 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $31,700 in itemized
deductions. (Use the tax rate schedules.)
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income...
Jeremy earned $101,900 in salary and $7,900 in interest income
during the year. Jeremy’s employer withheld $11,000 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $31,700 in itemized
deductions. (Use the tax rate schedules.)
a. Determine Jeremy’s tax refund or taxes
due.
b. Assume that in addition to the original
facts, Jeremy has a long-term capital gain of...
Jeremy earned $101,900 in salary and $7,900 in interest income
during the year. Jeremy’s employer withheld $11,000 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $31,700 in itemized
deductions. (Use the tax rate schedules.)
c. Assume the original facts except that Jeremy
has only $7,000 in itemized deductions. What is Jeremy’s tax refund
or tax due?
Individuals Schedule...
Arthur and Cora are married and have 2 dependent children. They
have a gross income of $95,730. Their allowable deductions for
adjusted gross income total $5,230, and they have total allowable
itemized deductions of $26,000. The standard deduction for 2019 is
$24,400. Refer to the Tax Rate Schedules to answer the following
questions. Round intermediate computations and final answer to the
nearest dollar. Note: The child tax credit in 2019 is $2,000 per
child.
a. Arthur and Cora's 2019 taxable...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate sch a. Determine Jeremy's tax refund or taxes due. Amount 106.000 106,000 Description (1)...
Jeremy earned $101,000 in salary and $7,000 in interest income
during the year. Jeremy’s employer withheld $11,000 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $27,200 in itemized
deductions. (Use the tax rate schedules.)
TAX RATE SCHEDULES
a. Determine Jeremy's tax refund or taxes due. Description Amount S (1) Gross income (2) For AGI deductions (3) Adjusted gross...
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Chuck, a single taxpayer, earns $42,000 in taxable income and $10,900 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: How much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? The schedule for 2019 is Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10%...