18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125, 400, and they pay S$12, 500 into an IRA. The standard deduction is $12, 600, and the amount of a personal exemption is $4, 050. The tax rate for Sam's family is $10, 367.50 plus 25% of the amount over $75, 300. Sam's family had $1, 400 withheld from their paychecks each month for taxes. Determine the amount of tax due to the IRS or the amount overpaid. Sam's family will receive a refund of $4, 257.50. Sam's family owes $4, 257.50. Sam's family owes $12, 542.50. Sam's family will receive a refund of $12, 542.50. O O O O
18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125, 400, and they pay S$12, 500 into an IRA. The standard deduction is $12, 600, and the amount of a personal exemption is $4, 050. The tax rate for Sam's family is $10, 367.50 plus 25% of the amount over $75, 300. Sam's family had $1, 400 withheld from their paychecks each month for taxes. Determine the amount of tax due to the IRS or the amount overpaid. Sam's family will receive a refund of $4, 257.50. Sam's family owes $4, 257.50. Sam's family owes $12, 542.50. Sam's family will receive a refund of $12, 542.50. O O O O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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plz solve it within 30-40 mins I'll upvote your answer
![18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125, 400, and they pay $12, 500 into an IRA. The standard deduction
is $12, 600, and the amount of a personal exemption is $4, 050. The tax rate for Sam's family is $10, 367.50 plus 25% of the amount over $75, 300. Sam's
family had $1, 400 withheld from their paychecks each month for taxes. Determine the amount of tax due to the IRS or the amount overpaid.
Sam's family will receive a refund of $4, 257.50.
Sam's family owes $4, 257.50.
Sam's family owes $12, 542.50.
Sam's family will receive a refund of $12, 542.50.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4cfa7098-bf7c-4862-84d4-86ab9c0a3f41%2Fe46defaa-cc71-488b-8458-4f525102bfdf%2Fkloewnj_processed.png&w=3840&q=75)
Transcribed Image Text:18. Sam files jointly with his wife, and they have 2 children. The family's gross income is $125, 400, and they pay $12, 500 into an IRA. The standard deduction
is $12, 600, and the amount of a personal exemption is $4, 050. The tax rate for Sam's family is $10, 367.50 plus 25% of the amount over $75, 300. Sam's
family had $1, 400 withheld from their paychecks each month for taxes. Determine the amount of tax due to the IRS or the amount overpaid.
Sam's family will receive a refund of $4, 257.50.
Sam's family owes $4, 257.50.
Sam's family owes $12, 542.50.
Sam's family will receive a refund of $12, 542.50.
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