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 $ _____ |
Homework Answers
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 Answer to:
Consider on the following data.
Adjusted gross income
$
54,710
Itemized deductions
$
12,850
Credit...
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