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Using the tax form for 2016, instructions and info attached, answer the following questions. 1. Assume you are a single person with no dependents
Using the tax form for 2016, instructions and info attached, answer the following questions. 1. Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time position. You had a total of $7,700 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. a) Will you get a refund or will you have to pay more tax? b) What is the amount of the refund/payment? 2. Using the tax tables on page 90 of the instructions, assume a single person has a taxable income of $382,000.00. a) What will the single person's total tax be? b)What is the single person's effective tax rate?
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