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

Answer rating: 100% (QA)

To calculate Lauras tax refund we need to determine her taxable income first Then we can use the tax ... View the full answer