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31. Use the information from page 22 of your study guide and Figure 3-6 on page 79 in your textbook to answer the following questions. A. If Johns filing status was Married what is Johns taxable income? B. If Johns filing status was Married, how much would his tax refund be? C. How does your marital status affect how much is paid in federal income taxes?
79 t: Personal Information gep name, current address, and Social Security number should be taxpuyer writen in the spaces provided 2: Income Shep salaries, and tips should be recorded. Taxable interest compensation should also be entered. The adjusted gross from wages, Inco lculated. The taxpayer can claim himself or herself as an and a spouse, if married. The taxable income can then be cakculated. is then ca step 3: Payments, Credits, and Tax Federal income tax that has been withheld nd recorded on the Form W-2 should be entered t Form 1040EZ, line & I is- And you are- the form The amount of tax liability, which is At least But less Single d, is then found on the tax tables. The tax ubles are government-issued tables that show tiling jointhy xpayers total tax obligation for a year based on the amount of total income. Tax tables can be oand at www.irs.gov. A partial 1040EZ tax table s shown in Figure 3-6. In this example, Kristys tuable income ($19,656.98) falls in the income bracket At least 19,650, But less than 19,700. The ux in that bracket for a single person is $2,498. Kisty entered that amount on Line 10 of 1040EZ 2,021 2.029 2,036 2.044 2.051 2,059 2.068 2.074 2.081 2.089 19.500 19.600 19,650 19,700 19,750 19,800 2,483 2.490 2.408 2,505 19.600 19.700 9.750 19,800 19850 19.900 2.520 19.900 19.950 9.960 20,000 2543 The Patient Protection and Affordable Care d (PPACA) requires that each person have heath insurance. Starting with the 2 com tax returns, a new line called Hea 2,535 vidual Responsibility was added. Tls item must be addressed by all taxpayers Berore ompleting an income tax return, tapayers hould read filing instructions provided by the IRS to make sure this item, as all items on a aturm, s addressed properly. Figure 3-8 A 1040EZ tax table categorizes levels of taxable income with the corresponding tax amounts Step 4: Tax Refund or Amount Owed lí the amount of taxes already paid is more than the amount owed, the payer will receive a refund. If the amount is less, the taxpayer must pay the ditference. Step 5: Signature A return must always be signed before it can be processed. An unsigned will be returned for a signature. If a refund is due, this could delay eturn by several weeks. If taxes are owed, it could result in penalties and nterest. Co., Inc
John will be fling his income taxes and needs to calculate w refund or will need to pay whether he will receive an the federal government more money in taxes Age: 24 Filing status: Single Earnings: Form W-2 from his job showed $19,700 Form 1099 from his bank showed $90 in interest income Taxes withheld: FrmW·2 showed $2.812 in federal income tax withholding. A. What was Johns total income for the year? Show how you got your ans B. How much was the federal income tax withholding for John? C. According to the tax table in Figure 3-6 on page 79 in your textbook, how much weas Atri taxable income? D. How much will John receive from the federal government? Show how you got your ansuer
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