#3. Your W-2 form reports that your total wages were $111,284 for 2018. Your W-2 form also reports that $19,357 was withheld from your wages
#3. Your W-2 form reports that your total wages were $111,284 for 2018. Your W-2 form also reports that $19,357 was withheld from your wages for federal income tax. You receive a 1099-INT from your bank that indicated interest earned of $12,603. You are married and will be filing as married filing jointly.
How much is your adjusted gross income?
111,284 + 12603 = 123887
How much is your taxable income?
123887-24000 = 99887
What is your total tax for the year?
What is the amount of your payment or refund?
What is your tax as a percent of taxable income?
What tax bracket does this person fall into?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Authors: Milton F Usry
9th Edition
053801881X, 978-0538018814
