Based on the following data, will Ann Wilton receive afederal tax refund or owe additional taxes in 2019? (Input the amount as a positive value. Round yourintermediate calculations and final answer to 2 decimalplaces. Omit the "$" sign in your response.) TaxableIncome Tax Rate 0-$47,630 15% $47,630-$95,259 20.5% $95, 259-$147,667 26% $147, 667-$210,371 29% Net income(line 23600) $ 51,790Deductions to determine net income $ 11,660 Federalincome tax withheld $ 7,144 Total non-refundable taxcredit amounts, excluding medical expenses $ 12, 189Medical expenses $ 3,100

Answered: Based on the following data, will Ann…

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Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? (

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Based on the following data, will Ann Wilton receive a
federal tax refund or owe additional taxes in 2019? (
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 Tax Rate 0-$47,630 15% $47,630-$
95,259 20.5% $95, 259-$147,667 26% $147, 667-$
210,371 29% Net income(line 23600) $ 51,790
Deductions to determine net income $ 11,660 Federal
income tax withheld $ 7,144 Total non-refundable tax
credit amounts, excluding medical expenses $ 12, 189
Medical expenses $ 3,100

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