Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ng Semester ncements Bruce and Anna Wayne 3 children living at home under the age of 17 $78,000 gross annual combined salaries S $2,000 in
ng Semester ncements Bruce and Anna Wayne 3 children living at home under the age of 17 $78,000 gross annual combined salaries S $2,000 in student loan interest paid es $580 in savings account interest ments es es oto Video le e 365 $7,300 in medical expenses $10,500 in home mortgage interest $4,800 given to charity $5,600 paid in state income taxes ort & Policies $3,750 paid in local property taxes ary Resources Connect $4,700 Federal Income tax withheld during the year m Here are the Tax Tables e. Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable income is: The taxis: Over- But not over- of the amount over- $0 $19,900 -------10% 19,900 81,050 $1,990.00 12% $0 19,900 81,050 172,750 9,328.00 -22% 81,050 re....docx Schedule Y-1-If your filing status is Married filing jointly or Qualifying widow(er) If your taxable income is: The tax is: hts Over- But not over- of the amount over- $0 $19,900 -10% $0 19,900 81,050 $1,990.00+12% 19,900 81,050 172,750 9,328.00 +22% 81,050 172,750 329,850 29,502.00 +24% 172,750 329,850 418,850 67,206.00+32% 329,850 418,850 628,300 95,686.00+35%. 418,850 628,300 168,993.50+ 37% 628,300 deo Question 1 Policies sources ect What is the Wayne's gross income? $83,980 $78,580 $87,030 O $83,000 What is their taxable income? Their taxable income is $56,178.50 and they owe $6,346.30 in federal income taxes. O Their taxable income is $57,330.50 and they owe $5,365.30 in federal income taxes. Their taxable income is $50,333.50 and they owe $5,318.30 in federal income taxes. Their taxable income is $51,584.50 and they owe $5,920.30 in federal income taxes. O Their taxable income is $50,373.50 and they owe $5,646.82 in federal income taxes. Question 5 5 pts Do they still owe the government money or will they receive a refund? If so, how much do they owe? O They owe the government $4,004.70. O They receive a refund of $5,113.18 They do not owe the government money nor will they receive a refund. They will receive a refund of $5,010.70 They receive a refund of $5,053.18
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