Question

Consider on the following data.      Adjusted gross income $ 54,710     Itemized deductions $ 12,850   Credit...

Consider on the following data.

  

  Adjusted gross income $ 54,710     Itemized deductions $ 12,850
  Credit for child and dependent      care expenses $ 560     Federal income tax
      withheld
$ 6,960
  Amount for personal exemptions $ 11,100     Tax rate on taxable
      income
  15 percent


Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount?


  The result is (refund or payment due) of $ _____
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Taxable income = Adjusted gross income - Itemized deductions - Amount for personal exemptions

= $54,710 - $12,850 - $11,100

= $30,760

Total tax = (Taxable income × Tax rate) - Credit for child and dependent care expenses

= ($30,760 × 0.15) - $560

= $4,054

When compared to federal tax withheld ($6,960), the result is a refund of:

= $6,960 - $4,054

= $2,906

Add a comment
Know the answer?
Add Answer to:
Consider on the following data.      Adjusted gross income $ 54,710     Itemized deductions $ 12,850   Credit...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Based on the following data, would Beth and Roger Simmons receive a refund or owe additional...

    Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $ 54,890 $ 660 $ 12,150 Itemized deductions Federal income tax withheld Tax rate on taxable income $ 12,260 $ 7,136 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any intermediate calculations. Enter the amount as...

  • Based on the following data, would Beth and Roger Simmons receive a refund or owe additional...

    Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $ 53,810 $ 589 $ 12,150 Itemized deductions Federal income tax withheld Tax rate on taxable income $ 12,460 $ 6,995 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any intermediate calculations. Enter the amount as...

  • Based on the following data, would Beth and Roger Simmons receive a refund or owe additional...

    Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes. Adjusted gross income Credit for child and dependent care expenses Amount for personal exemptions $ 53,270 $ 540 12.150 Itemized deductions $ 12,560 Federal income tax withheld $ 6,925 Tax rate on taxable income 15 percent Would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any Intermediate calculations. Enter the amount as a...

  • 1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized...

    1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized deductions: $7,000 Interest earnings $75 One personal exemption $4050 Adjustments to income $850 What amount would Daniel report as taxable income? 2. If Samantha jones had the following itemized deductions, should she use schedule A or standard deduction. The standard deduction for her tax situation is $6350. Donations to the church and other charities $3050. Medical and dental expenses exceeding 10% of adjusted gross...

  • FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross...

    FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...

  • 2. If Lola Harper had the following itemized deductions, should she use Schedule A or the...

    2. If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,000. Donations to church and other charities, $6,050 Medical and dental expenses exceeding 10 percent of adjusted gross income, $2,400 State income tax, $4,690 5. What would be the average tax rate for a person who paid taxes of $4,584 on a taxable income of $41,670? 8. If $4,026 was withheld during the year...

  • a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI...

    a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 107,400 $ 107,400 $ 107,400 Required information Problem 4-28 (LO 4-1) The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 in interest income...

  • Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross...

    Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,450. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $______ and his tax liability is $_______ for 2019. b. If Hongtao has $10,100 withheld from his salary during 2019 then Hongtao has (refund or...

  • You are 35 years old You have a non-working spouse (same age) You have one child,...

    You are 35 years old You have a non-working spouse (same age) You have one child, age 3 Annual gross income S110,000 our monthly expenses total S3,500 Monthly debt payments are S400 (counted in the S3,500) Tax-specific Information Adjusted gross income = $75,500 Itemized deductions-$15,500 Child care tax credit = $500 Federal income tax withheld S6,250 Amount for personal exemptions S12,500 It's time to pay your taxes! If the tax rate on your taxableincome is 20%, will you receive a...

  • Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld...

    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 schedules.) a. Determine Jeremy's tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax return). Description...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT