Homework Answers
| 1.) | Assuming Tax year | 2020 | |
| Taxable Income | 65,354 | =90154-24800 | |
| Tax Liability | 7,447 | =1975+((65354-19750)*12%) | |
| Amount of refund | $ 669.52 | =8117-7447.48 | |
| or | |||
| $ 670 | |||
| 2.) | Assuming Tax year | 2019 | |
| Taxable Income | 65,754 | =90154-24400 | |
| Tax Liability | 7,502.48 | =(19400*10%)+((65754-19400)*12%) | |
| Amount of refund | $ 614.52 | =8117-7502.48 | |
| or | |||
| $ 615 |
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