Question
Robert and John are married and have 3 dependent children and earn a gross biweekly salary of $5,368. 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 $5,368. They will also make the following tax-deductible purchases:
Medical expenses: $6,296
Educational expenses: $6,116
When they file their taxes jointly, what will their tax refund be?
Use the following information:
Standard deduction for married couples: $25,900
Biweekly allowance: $165.38 per person
For your final answer proceed as:
Annual Income Tax to be paid 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.
2022 Married Individuals Filing Joint Returns and Surviving Spouses \begin{tabular}{|c|c|} \hline If Taxable Income is Between: & The Tax Due is: \\ \hline$0$20,550 & 10% of taxable income \\ \hline$20,551$83,550 & $2,055 plus 12% of the amount over $20,550 \\ \hline$83,551$178,150 & $9,615 plus 22% of the amount over $83,550 \\ \hline$178,151$340,100 & $30,427 plus 24% of the amount over $178,150 \\ \hline$340,101$431,900 & $69,295 plus 32\% of the amount over $340,100 \\ \hline$431,601$647,850 & $98,671 plus 35\% of the amount over $431,900 \\ \hline$647,851 or more & $174,253.50 plus 37\% of the amount over $647,850 \\ \hline \end{tabular} 2022 Married Person Biweekly Withholding Table \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Taxable Wages } & \multicolumn{1}{c|}{ Wages Withholding } \\ \hline$0$498 & $0.00 \\ \hline$498$893 & $0.00 plus 10% of amount exceeding $498 \\ \hline$893$2,105 & $39.50 plus 12% of amount exceeding $893 \\ \hline$2,105$3,924 & $184.94 plus 22% of amount exceeding $2,105 \\ \hline$3,924$7,038 & $585.12 plus 24% of amount exceeding $3,924 \\ \hline$7,038$8,804 & $1,332.48 plus 32% of amount exceeding $7,038 \\ \hline$8,804$12,957 & $1,897.60 plus 35% of amount exceeding $8,804 \\ \hline$12,957 or more & $3,351.15 plus 37% of amount exceeding $12,957 \\ \hline \end{tabular}Step by Step Solution
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