Laura has 2 dependent children and earns a gross yearly salary of $84,800. She will also...
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Laura has 2 dependent children and earns a gross yearly salary of $84,800. She will also make the following tax-deductible purchases: Student loan interest: $2,492 Educational expenses: $3,550 . When she file her taxes, what will her tax refund be? Use the following information: Standard deduction for heads of households: $20,800 2023 Head of Household If Taxable Income is Between: $0 - $15,700 $15,701 - $59,850 $59,851 - $95,350 $95,351 - $182,100 $182,101 $231,250 $231,251 - $578,100 $578.101 or more Biweekly allowance: $165.38 per person. The Tax Due is: 10% of taxable income $1,570 plus 12% of the amount over $15,700 $6,868 plus 22% of the amount over $59,850 $14,678 plus 24% of the amount over $95,350 $35,498 plus 32% of the amount over $182,100 $51,226 plus 35% of the amount over $231,250 $172,623.50 plus 37% of the amount over $578,100 2023 Head of Household Person Biweekly Withholding Table $0 - $842 $842 - $1,479 $1,479 - $3,269 $3,269 - $4,708 $4,708 - $8,225 $8,225 - $10,215 $10,215 - $24,279 $24,279 or more Taxable Wages $0.00 Wages Withholding $0.00 plus 10% of amount exceeding $842 $63.70 plus 12% of amount exceeding $1,479 $278.50 plus 22% of amount exceeding $3,269 $595.08 plus 24% of amount exceeding $4,708 $1,439.16 plus 32% of amount exceeding $8,225 $2,075.96 plus 35% of amount exceeding $10,215 $6,998.36 plus 37% of amount exceeding $24,279 Laura has 2 dependent children and earns a gross yearly salary of $84,800. She will also make the following tax-deductible purchases: Student loan interest: $2,492 Educational expenses: $3,550 . When she file her taxes, what will her tax refund be? Use the following information: Standard deduction for heads of households: $20,800 2023 Head of Household If Taxable Income is Between: $0 - $15,700 $15,701 - $59,850 $59,851 - $95,350 $95,351 - $182,100 $182,101 $231,250 $231,251 - $578,100 $578.101 or more Biweekly allowance: $165.38 per person. The Tax Due is: 10% of taxable income $1,570 plus 12% of the amount over $15,700 $6,868 plus 22% of the amount over $59,850 $14,678 plus 24% of the amount over $95,350 $35,498 plus 32% of the amount over $182,100 $51,226 plus 35% of the amount over $231,250 $172,623.50 plus 37% of the amount over $578,100 2023 Head of Household Person Biweekly Withholding Table $0 - $842 $842 - $1,479 $1,479 - $3,269 $3,269 - $4,708 $4,708 - $8,225 $8,225 - $10,215 $10,215 - $24,279 $24,279 or more Taxable Wages $0.00 Wages Withholding $0.00 plus 10% of amount exceeding $842 $63.70 plus 12% of amount exceeding $1,479 $278.50 plus 22% of amount exceeding $3,269 $595.08 plus 24% of amount exceeding $4,708 $1,439.16 plus 32% of amount exceeding $8,225 $2,075.96 plus 35% of amount exceeding $10,215 $6,998.36 plus 37% of amount exceeding $24,279
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To calculate Lauras tax refund we need to determine her taxable income first Then we can use the tax ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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