Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
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