Question
Robert and John are married and have 3 dependent children and earn a gross biweekly salary of $6,762. They will also make the following tax-deductible
Robert and John are married and have 3 dependent children and earn a gross biweekly salary of $6,762. They will also make the following tax-deductible purchases: Medical expenses: $6,597 Educational expenses: $6,702 When they file their taxes jointly, what will their tax refund be?
Use the following information: Standard deduction for married couples: $24,800 Biweekly allowance: $165.38 per person
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.
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due Is: 0 - $19,750 10% of taxable income $19,751 - $80,250 $1,975 + 12% of the amount over $19,750 $80,251 - $171,050 $9,235 + 22% of the amount over $80,250 $171,051 - $326,600 $29,211 + 24% of the amount over $171,050 $326,601 - $414,700 $66,543 + 32% of the amount over $326,600 $414,701 - $622,050 $94,735 + 35% of the amount over $414,700 $622,051 $167,307.50 + 37% of the amount over $622,050 2020 Married Person Biweekly Withholding Table Taxable Wages Wages Withholding $0 - $477 $0.00 $477 - $857 $0.00 plus 10% of amount exceeding $477 $857 - $2,020 $38.00 plus 12% of amount exceeding $857 $2,020 - $3,766 $177.56 plus 22% of amount exceeding $2,020 $3,766 - $6,758 $561.68 plus 24% of amount exceeding $3,766 $6,758 - $8,452 $1,279.76 plus 32% of amount exceeding $6,758 $8,452 - $12,439 $1,821.84 plus 35% of amount exceeding $8,452 $12,439 or more $3,217.29 plus 37% of amount exceeding $12,439Step 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