Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Robert and John are married and have 5 dependent children and earn a gross biweekly salary of $5,039. They will also make the following tax-deductible

Robert and John are married and have 5 dependent children and earn a gross biweekly salary of $5,039. They will also make the following tax-deductible purchases:

Medical expenses: $7,193

Educational expenses: $6,386 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

image text in transcribed 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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

School Finance And Business Management Optimizing Fiscal Facility And Human Resources

Authors: Craig A. Schilling, Daniel R. Tomal

2nd Edition

1475844026, 978-1475844023

More Books

Students also viewed these Finance questions