Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chloe and Matt have 4 dependent children and earn a gross biweekly salary of $5,033. They will also make the following tax-deductible purchases: Medical expenses:

Chloe and Matt have 4 dependent children and earn a gross biweekly salary of $5,033. They will also make the following tax-deductible purchases: Medical expenses: $6,624 Educational expenses: $6,558 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

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditory Cognition And Human Performance: Research And Applications

Authors: Carryl L. Baldwin

1st Edition

0415325943, 978-0415325943

More Books

Students also viewed these Accounting questions