Matt and Tonya are married, and their filing status for 2023 is married filing jointly. Matt...

 

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Matt and Tonya are married, and their filing status for 2023 is married filing jointly. Matt and Tonya earned salaries this year of $85,000 and $62,000, respectively. In addition to their salaries, they received interest income in the amount of $165 from state and local bonds issued by the City of Montgomery, and they received $475 of interest income from a savings account at a local bank. Matt and Tonya paid $6,000 in expenses that are deductible for AGI. Matt and Tonya have an 14-year-old daughter, Rebecca, who lived with them throughout the entire year. Matt and Tonya are allowed to claim a $2,000 child tax credit for Rebecca. Matt and Tonya paid $31,000 of expenditures that qualify as itemized deductions, and they had a total of $12,500 in federal income taxes withheld from their paychecks during the course of the year. Matt and Tonya do not own an interest in a partnership or S Corporation, and neither Matt nor Tonya are sole proprietors. Recall that the standard deduction for married filing jointly taxpayers in 2023 is $27,700. Using the individual income tax formula, calculate the amount of federal income tax due or the refund to be received for the 2023 tax year. Matt and Tonya are married, and their filing status for 2023 is married filing jointly. Matt and Tonya earned salaries this year of $85,000 and $62,000, respectively. In addition to their salaries, they received interest income in the amount of $165 from state and local bonds issued by the City of Montgomery, and they received $475 of interest income from a savings account at a local bank. Matt and Tonya paid $6,000 in expenses that are deductible for AGI. Matt and Tonya have an 14-year-old daughter, Rebecca, who lived with them throughout the entire year. Matt and Tonya are allowed to claim a $2,000 child tax credit for Rebecca. Matt and Tonya paid $31,000 of expenditures that qualify as itemized deductions, and they had a total of $12,500 in federal income taxes withheld from their paychecks during the course of the year. Matt and Tonya do not own an interest in a partnership or S Corporation, and neither Matt nor Tonya are sole proprietors. Recall that the standard deduction for married filing jointly taxpayers in 2023 is $27,700. Using the individual income tax formula, calculate the amount of federal income tax due or the refund to be received for the 2023 tax year.

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Answer To calculate the tax refund for the 2023 tax year we need to follow these steps 1 Calculate t... View the full answer