Your W-2 form reports that your total wages were $76,890 for 2018. Your W-2 form also reports
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Question:
Your W-2 form reports that your total wages were $76,890 for 2018. Your W-2 form also reports that $9,187 was withheld from your wages for federal income tax. You receive a 1099-INT from your bank that indicated interest earned of $5866. You are single and not claimed by any other person as a dependent.
How much is your adjusted gross income?
76890 + int earned 5866 = 82756
How much is your taxable income?
82756 - 12000 = 70756
What is your total tax for the year?
What is the amount of your payment or refund?
What tax bracket does this person fall into?
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1259024962
6th Canadian edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus, Devashis Mitra, Elizabeth Maynes, William Lim
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