Question
I am having a problem trying to figure out how to get to a number.This is in my Math of Finance homework.This is an odd
I am having a problem trying to figure out how to get to a number.This is in my Math of Finance homework.This is an odd number in my book, so I have the answer, but can't figure out how they got one of the answers. Here is the question:
Find the tax refund or tax due for the following person. The letter following the name indicates the marital status. Assume a 52 week year.
Name Taxable Income FIT withheld from check Tax Refund/Due
Karecki (S) $78,000 $1,516 monthly
The standard deduction is $5,800 and the filing staus and exemption is $3,700. It does not give me the number of exemtions for the person.
I can get the first number. I know that I take $1,516*12+$18192
I am having problems coming up with the second number.
The answer for this problem in my book is: $18,192 - $15,750 = $2,442 refund.
Please help me!!!!!! I can't go on without help. Thanks so very much
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