Solution :-
3 :-
Particulars | Amount |
Wages as a sales assistant | $68,700 |
Interest from Certificate deposit ( CD ) | $962 |
Total taxable income |
= $68,700 + $962 = $69,662 |
Total tax liability under 2016 tax brackets |
= $927.50 + $4,256.10 + [ [ $37,651 - $69,662 ] * 25% ] = $5,183.6 + [ 32,011 * 25% ] = $5,183.6 + 8,002.75 = $13,186.35 |
Tax deducted | $5,250 |
Total tax payable |
= $13,186.35 - $5,250 = $7,936.35 |
Note :-
As HOMEWORKLIB RULES rule one question is enough .if you need 4th question also please upload it as a another question.
THANK YOU.
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