Question
Using the tax form from 2016, instructions and info attached, answer the following questions. Assume you are a single person with no dependents who made
Using the tax form from 2016, instructions and info attached, answer the following questions. Assume you are a single person with no dependents who made $39,000.00 from your primary job and an additional $7,500.00 from a part time position. You had a total of $7,900 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. Will you get a refund or will you have to pay more tax? (5 pts.) What is the amount of the refund/payment? (5 pts.) Using the tax tables on page 90 of the instructions, assume a single person has a taxable income of $87,000.00. What will the single person's total tax be? (5 pts.) What is the single person's effective tax rate? (5 pts.)
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