Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Anne earns a gross yearly salary of $108,586. She has no dependent children and made the following tax deductible purchases: Charitable contributions: $5,587 Student

image text in transcribed

Anne earns a gross yearly salary of $108,586. She has no dependent children and made the following tax deductible purchases: Charitable contributions: $5,587 Student loan interest: $968 When she files her taxes, what will her tax refund be? Round your answer to the nearest dollar. Use the following information: Standard deduction for single filers: $12,550 2021 Individual Taxpayers If Taxable Income is Between: $0-$9,950 $9,951-$40,525 $40,526-$86,375 $86.376-$164,925 $164,926-$209,425 $209,426-$523,600 $523,601 or more Biweekly allowance: $165.38 per person. The Tax Due is: 10% of taxable income $995 plus 12% of the amount over $9,950 $4,664 plus 22% of the amount over $40,525 $14,751 plus 24% of the amount over $86,375 $33,603 plus 32% of the amount over $164,925 $47,843 plus 35% of the amount over $209,425 $157,804.25 plus 37% of the amount over $523,600 2021 Single Person Biweekly Withholding Table Taxable Wages SO-$238 $241-$433 $133-$1,021 $1,021-$1,902 $1,902-$3,413 $3,413-$4,269 $4,269-$10,311 $10,311 or more $0.00 Wages Withholding $0.00 plus 10% of amount exceeding $241 $19.20 plus 12% of amount exceeding $433 $89.76 plus 22% of amount exceeding $1,021 $283.58 plus 24% of amount exceeding $1,902 $646.22 plus 32% of amount exceeding $3,413 $920.14 35% of amount exceeding $4,269 $3,034.84 plus 37% of amount exceeding $10,311 For your final answer proceed as: Annual Income Tax Pay/Refund Total Annual Withholding - Final Income Tax. If the person has to pay the government, type the number with a negative sign. For example-1280. If the person has to receive a refund from government, type the number without sign. For example 1280

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th edition

133117413, 978-0133129519, 133129519, 978-0133129557, 133129551, 978-0133117561, 133117561, 978-0133117417

More Books

Students also viewed these Accounting questions

Question

Does the person have her/his vita posted?

Answered: 1 week ago