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Chloe and Matt have 2 dependent children and earn a gross biweekly salary of $5,539. They will also make the following tax-deductible purchases: Medical expenses:
Chloe and Matt have 2 dependent children and earn a gross biweekly salary of $5,539. They will also make the following tax-deductible purchases: Medical expenses: $6,772 Educational expenses: $7,470
When they file their taxes jointly, what will their tax refund be?
Use the following information: Standard deduction for married couples: $24,400 Biweekly allowance: $161.54 per person
NOTE: the answer is 3,077 but I don't know why....could someone help me?
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due is: 0 - $19,400 10% of taxable income $19,401 - $78,950 $1,940 + 12% of the amount over $19,400 $78,951 - $168.400 $9,086 +22% of the amount over $78,950 $168,401 - $321,450 $28,765 +24% of the amount over $168,400 $321,451 - $408,200 $65,497 + 32% of the amount over $321,400 $408,201 - $612,350 $93.257 +35% of the amount over $408,200 $612,351 + $164,709.50 +37% of the amount over $612,350 2019 Married Person Biweekly Withholding Table Taxable Wages Wages Withholding $0-$454 $0.00 $454 - $1,200 $0.00 plus 10% of amount exceeding $454 $1,200 - $3,490 $74.60 plus 12% of amount exceeding $1,200 $3,490 - $6,931 $349.40 plus 22% of amount exceeding $3,490 $6,931 - $12,817 $1,106.42 plus 24% of amount exceeding $6,931 $12,817 - $16,154 $2,519.06 plus 32% of amount exceeding $12,817 $16,154 - $24,006 $3,586.90 plus 35% of amount exceeding $16,154 $24,006 or more $6,335.10 plus 37% of amount exceeding $24,006 For your final answer proceed as: Annual Income Tax to be payed or refunded = Total Annual Withholding - Final Income TaxStep by Step Solution
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