Homework Answers
a.
| Particulars | Amount (in $) |
| Wages( of Sarah) | 54000 |
| Wages (of malik) | 48000 |
| Interest from savings account | 2600 |
| Gross income | 104600 |
b..
| Gross income | 104600 | |
| Less | Tax deferred savings plan | 4500 |
| Adjusted Gross income | 71600 |
c.
| Adjusted Gross income | 71600 | |
| Less | Itemized dedutions | 28500 |
| Taxable income | 43100 |
d.
| Taxable income | 43100 |
| Tax @ 12% | 5172 |
| (as the slab rate is 12% from taxable income $19051 to $77400) | |
e.
| Particulars | Amount (in $) |
| Taxable income | 43100 |
| Withheld | 13100 |
| Credits | 1400 |
| total balance | 28600 |
| As the balance left is $28600 , they will owe moanye & will not received any refund as the tax slab rate is mentioned below | ||
| Rate | Individuals | Married Filing Jointly |
| 12% | $9,526 to $38,700 | $19,051 to $77,400 |
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