Question

Question 5 6 pts Base your answers on this scenario: Sally and Jim Jones are marned in Texas, a state with no state income tax. They have no children they can claim as dependents. In 2019, the household had no other source of income other than what is shown on Sally's W2. They rent their home, and made no charitable contributions in 2019. If no information is provided for an item needed on the return, assume that It is zero, e.g. no contribution to an IRA because not listed below. Sally's W2 form Box 1 wages: $120,000 Box 2 federal income tax withheld $20,000 When they file their 2019 income tax return in April 2020, what is the dollar amount of the refund of balance due? (Hrefund, enter as positive amount if balance due, enter as. e.o. 2000)

Answer 1

Description	Amount
(1)Gross Income	$120,000
(2)For AGI Deductions	0
(3)Adjusted Gross Income	$120,000
(4)Standard Deduction	$24,400
(5)Itemized deductions	$0
(6)Greater of standard deduction and itemized deductions	$24,400
(7)Taxable Income	$95,600
(8)Income Tax Tax (9086+(95600-78950)*22%)	$ 12,749
(9)Child Tax credit	$0
(10)Tax withholding	$20,000
Income Tax Refund	$ -7,251