Using the tax form for 2016, instructions and info attached, answer the following questions. 1. Assume...
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Using the tax form for 2016, instructions and info attached, answer the following questions. 1. Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time position. You had a total of $7,700 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. a) Will you get a refund or will you have to pay more tax? b) What is the amount of the refund/payment? 2. Using the tax tables on page 90 of the instructions, assume a single person has a taxable income of $382,000.00. a) What will the single person's total tax be? b)What is the single person's effective tax rate? Using the tax form for 2016, instructions and info attached, answer the following questions. 1. Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time position. You had a total of $7,700 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. a) Will you get a refund or will you have to pay more tax? b) What is the amount of the refund/payment? 2. Using the tax tables on page 90 of the instructions, assume a single person has a taxable income of $382,000.00. a) What will the single person's total tax be? b)What is the single person's effective tax rate?
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Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
Posted Date:
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