Question
Chloe and Matt have 3 dependent children and earn a gross biweekly salary of $5,045. They will also make the following tax-deductible purchases: Medical expenses:
Chloe and Matt have 3 dependent children and earn a gross biweekly salary of $5,045. They will also make the following tax-deductible purchases:
Medical expenses: $6,733
Educational expenses: $7,391
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
married individuals filing joint returns and surviving spouses:
If taxable income is in 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 - $1200 | $0.00 plus 10% of amount exceeding $454 |
$1200 - $3,490 | $74.60 plus 12% of amount exceeding $1200 |
$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 Tax.
If the couple has to pay the government, type the number with a negative sign. For example, -325.
If the couple has to receive a refund from government, type the number without sign. For example, 325.
Round your answer to the nearest dollar.
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