Based on the following d

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2022? (Input the amount as a
positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.)
Taxable Income
0-$50, 197
$50, 197-$100,392
$100,392-$155,625
$155,625-$221,708
Total income (line 15000)
Net income (line 23600)
Deductions to determine net income
Tax Rate
15%
20.5%
26%
29%
Federal income tax withheld
Total non-refundable tax credit amounts,
excluding medical expenses
Refund
+
LA
$120, 190
$108,740
$ 11,450
$ 18,462
$ 15,450
Transcribed Image Text:Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2022? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income 0-$50, 197 $50, 197-$100,392 $100,392-$155,625 $155,625-$221,708 Total income (line 15000) Net income (line 23600) Deductions to determine net income Tax Rate 15% 20.5% 26% 29% Federal income tax withheld Total non-refundable tax credit amounts, excluding medical expenses Refund + LA $120, 190 $108,740 $ 11,450 $ 18,462 $ 15,450
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