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Sheila and Joe Wells are married with no dependent children. During 2020, they have gross income of $159,800, deductions for
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Answer #1

Answer:-

Refund ; $1930

Explanation :-

= ($159,800 -$5,500 (For AGI)-$24800 (Std ded)

=$129500(exemptions eliminated)=$129500 taxable income.

=($129,500 – 80250) x 22% + (80250-19750)×12% + 19750 ×10%

= 20070 - credits - prepayments

= 20070 - 0 - 22000 = (1930)

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