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Laura has 2 dependent children and earns a gross yearly salary of $84,984. She will also make the following tax-deductible purchases: Student loan interest:
Laura has 2 dependent children and earns a gross yearly salary of $84,984. She will also make the following tax-deductible purchases: Student loan interest: $3,727 Educational expenses: $3,461 When she file her taxes, what will her tax refund be? Use the following information: Standard deduction for heads of households: $18,800 2021 Head of Household If Taxable Income is Between: $0 - $14,200 $14,201 - $54,200 The Tax Due is: 10% of taxable income $54,201-$86,350 $86,351-$164,900 $164,901-$209,400 $209,401-$523,600 $1,420 plus 12% of the amount over $14,200 $6,220 plus 22% of the amount over $54,200 $13,293 plus 24% of the amount over $86,350 $31,145 plus 32% of the amount over $164,900 $46,385 plus 35% of the amount over $209,400 $156,355 plus 37% of the amount over $523,600 $523,601 or more Biweekly allowance: $165.38 per person.
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