Assume that your filing status is single, you are not head of household, and you are...
- Assume that your filing status is single, you are not head of household, and you are 35 years old. Compute your refund based on the following data: Your wages are $65,000, and you had $15,000 withheld for federal taxes and $3,000 for state taxes. What is your refund?
Homework Answers
Since you are single, not a senior citizen and not the head of a household, you will be faced with the regular slab rates.
(Calculations are based on the assumption that the year pertains to 2018)
(A) Income for the year $65,000
(B) Standard Deduction ($12,000) ----(Assuming that you are foregoing the deduction for state taxes since it is a lower amount)
(C) Amount taxable (A-B) $53,000
(D) Tax payable @22% on (C) $11,660
(E) Federal taxes withheld $15,000
Refund (E-D) $ 3,340
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Assume that your filing status is single, you are not head of
household, and you are...
Assume that your filing status is single, you are not head of household, and you are...
Assume that your filing status is single, you are not head of household, and you are 35 years old. Compute your refund based on the following data: Your wages are $65,000, and you had $15,000 withheld for federal taxes and $3,000 for state taxes. What is your refund? Answer:__________________ Compute your refund using the same data as in a. except you are married and filing jointly, and your spouse is also 35 years old. Answer:_____________ Assume the same facts as...
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QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father is considered to be a qualifying person of the taxpayer (even if the mother or father does not qualify as the taxpayer's dependent) as long as the taxpayer pays more than half the costs of maintaining the household of the mother or father. True False QUESTION 2 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is...
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Filing 2015 Marginal Tax Rates Married Married Head of Single Filing Filing Household Jointly Separately Status Tax Rate Income Brackets 10% 0—13,150 15% 0–9,225 18 450 0–9,225 9.226— 18,451– 9,226 37,450 74,900 37,450 37,451–74,901—37,451— 90,750 151,200 75,600 13,151— 50,200 50,201— 129,600 25% 90,7514 151,201 129,601— 209.850 75,601- 28% 189,300 230,450 115,225 189,301 230,451 115,226— 33% 411,500 411,500 205,750 411,501 411,501 205,751- 35% 413,200 464,850 232,425 ||39.6% 413,201+ 464,851+ 232,426+ 209,851- 411,500 411,501- 439,000 439,001+ Use the marginal tax rates to...
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United States Tax System
household for support from his wife. 1:2-44 Filing Status. For the following independent situations, determine the filing status for the years in question. a. Wayne and Celia had been married for 24 years before Wayne died in an accident in 2018. Celia and her son, Wally, age 21 in 2018, continued to live at home in 2018, 2019, 2020, and 2021. Wally worked part-time (earning $5,000 in each of the four years) and attended the university...
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