Question: Using the tax form from 2016, instructions and info attached, answer the following questions. Assume you are a single person with no dependents who made
Using the tax form from 2016, instructions and info attached, answer the following questions. Assume you are a single person with no dependents who made $39,000.00 from your primary job and an additional $7,500.00 from a part time position. You had a total of $7,900 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. Will you get a refund or will you have to pay more tax? (5 pts.) What is the amount of the refund/payment? (5 pts.) Using the tax tables on page 90 of the instructions, assume a single person has a taxable income of $87,000.00. What will the single person's total tax be? (5 pts.) What is the single person's effective tax rate? (5 pts.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
