Question
Anne earns a gross yearly salary of $153,004. She has no dependent children and made the following tax deductible purchases: Charitable contributions: $7,407 Student loan
Anne earns a gross yearly salary of $153,004. She has no dependent children and made the following tax deductible purchases:
Charitable contributions: $7,407 Student loan interest: $1,193
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
Biweekly allowance: $165.38 per person.
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.
2021 Individual Taxpayers \begin{tabular}{|c|c|} \hline If Taxable Income is Between: & The Tax Due is: \\ \hline$0$9,950 & 10% of taxable income \\ \hline$9,951$40,525 & $995 plus 12% of the amount over $9,950 \\ \hline$40,526$86,375 & $4,664 plus 22% of the amount over $40,525 \\ \hline$86.376$164,925 & $14,751 plus 24% of the amount over $86,375 \\ \hline$164,926$209,425 & $33,603 plus 32% of the amount over $164,925 \\ \hline$209,426$523,600 & $47,843 plus 35% of the amount over $209,425 \\ \hline$523,601 or more & $157,804.25 plus 37% of the amount over $523,600 \\ \hline \end{tabular} 2021 Single Person Biweekly Withholding TableStep 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