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How do we get 10884?

How do we get 10884?

FINANCIAL ACCOUNTING
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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How do we get 10884?
16x3 Example 1 Cont. 25 a Amount You Owe PAID b с d Other forms (see instructions) Add lines 25a through 25c 2021 estimated tax payments and amount applied from 2020 return. Earned income credit (EIC) Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18, to claim the EIC. See instructions Nontaxable combat pay election b 27b c Prior year (2019) earned income 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 29 30 26 If you have a qualifying child, 27a attach Sch. EIC. 31 32 33 34 35a ▶b Refund Direct deposit? See instructions. ▸d 36 Federal income tax withheld from: Form(s) W-2 Form(s) 1099. 37 38 25b 25c 27a 24 > 33 = Underpaid → STILL OWE -> 19884 o O 28 29 American opportunity credit from Form 8863, line 8. Recovery rebate credit. See instructions Amount from Schedule 3, line 15. Add lines 27a and 28 through 31. These are your total olker payments and refundable credits ► Add lines 25d, 26, and 32. These are your total payments If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Routing number ► с Туре: Checking 30 31 Account number Amount of line 34 you want applied to your 2022 estimated tax ▶ 36 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions Estimated tax penalty (see instructions) ▶ 38 ✓ OWE 33> 24 = Overpaid →→ REFUND 25d 26 ► Savings 10,884 32 ə 33 10,884 34 35a 37 820.00 Owe or Refund? AMOUNT:
Transcribed Image Text:16x3 Example 1 Cont. 25 a Amount You Owe PAID b с d Other forms (see instructions) Add lines 25a through 25c 2021 estimated tax payments and amount applied from 2020 return. Earned income credit (EIC) Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18, to claim the EIC. See instructions Nontaxable combat pay election b 27b c Prior year (2019) earned income 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 29 30 26 If you have a qualifying child, 27a attach Sch. EIC. 31 32 33 34 35a ▶b Refund Direct deposit? See instructions. ▸d 36 Federal income tax withheld from: Form(s) W-2 Form(s) 1099. 37 38 25b 25c 27a 24 > 33 = Underpaid → STILL OWE -> 19884 o O 28 29 American opportunity credit from Form 8863, line 8. Recovery rebate credit. See instructions Amount from Schedule 3, line 15. Add lines 27a and 28 through 31. These are your total olker payments and refundable credits ► Add lines 25d, 26, and 32. These are your total payments If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Routing number ► с Туре: Checking 30 31 Account number Amount of line 34 you want applied to your 2022 estimated tax ▶ 36 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions Estimated tax penalty (see instructions) ▶ 38 ✓ OWE 33> 24 = Overpaid →→ REFUND 25d 26 ► Savings 10,884 32 ə 33 10,884 34 35a 37 820.00 Owe or Refund? AMOUNT:
Example 1 Cont. m 1040 (2021) 72,000 72,000 72,050 72,100 72,150 72,150 72,200 72,250 72,300 72,350 72,400 72,450 16 17 18 19 20 21 22 23 24 72,200 72,250 11,704 8,255 11,704 72,050 11,715 72,100 8,261 11,715 11,726 8,267 11,726 11,737 11,748 Tax ee instructions). Check if any from Form(s): 1 8814 Amount from Schedule 2, line 3 72,500 72,550 72,550 72,600 72,600 72,650 72,650 72.700 11,737 11,748 Add lines 16 and 17. Nonrefundable child tax credit or credit for other dependents from Schedule 8812 Amount from Schedule 3, line 8 Add lines 19 and 20. Subtract line 21 from line 18. If zero or less, enter -0- Other taxes, including self-employment tax, from Schedule 2, line 21 Add lines 22 and 23. This is your total tax 11,814 11,825 11,836 11,847 958 8,273 8,279 11,759 72,300 8,285 11,759 11,770 8,291 11,770 72,350 72,400 11,781 8,297 11,781 72,450 11,792 11,792 11,803 72,500 11,803 11,913 8,303 8.309 8,315 8,321 8,327 8,333 8,339 11,814 11,825 10,284 10,295 10,306 10,317 10,328 8,345 11,869 8,351 11,880 8,357 8,363 8,369 10,339 10,350 10,361 10,372 10,383 11,891 11,902 11,913 11,836 10,416 11,847 10,427 11,858 10,438 10,394 10,405 From Tax Tables - based on taxable income 10,449 10,460 10,471 10,482 10,493 2 4972 3 16 11,704 17 18 19 20 6 21 o 22 11,704 23 O 24 11,904 Taxable Income (line 15): Page 2 T 11,704 Tax owed from table: (enter on line 16)
Transcribed Image Text:Example 1 Cont. m 1040 (2021) 72,000 72,000 72,050 72,100 72,150 72,150 72,200 72,250 72,300 72,350 72,400 72,450 16 17 18 19 20 21 22 23 24 72,200 72,250 11,704 8,255 11,704 72,050 11,715 72,100 8,261 11,715 11,726 8,267 11,726 11,737 11,748 Tax ee instructions). Check if any from Form(s): 1 8814 Amount from Schedule 2, line 3 72,500 72,550 72,550 72,600 72,600 72,650 72,650 72.700 11,737 11,748 Add lines 16 and 17. Nonrefundable child tax credit or credit for other dependents from Schedule 8812 Amount from Schedule 3, line 8 Add lines 19 and 20. Subtract line 21 from line 18. If zero or less, enter -0- Other taxes, including self-employment tax, from Schedule 2, line 21 Add lines 22 and 23. This is your total tax 11,814 11,825 11,836 11,847 958 8,273 8,279 11,759 72,300 8,285 11,759 11,770 8,291 11,770 72,350 72,400 11,781 8,297 11,781 72,450 11,792 11,792 11,803 72,500 11,803 11,913 8,303 8.309 8,315 8,321 8,327 8,333 8,339 11,814 11,825 10,284 10,295 10,306 10,317 10,328 8,345 11,869 8,351 11,880 8,357 8,363 8,369 10,339 10,350 10,361 10,372 10,383 11,891 11,902 11,913 11,836 10,416 11,847 10,427 11,858 10,438 10,394 10,405 From Tax Tables - based on taxable income 10,449 10,460 10,471 10,482 10,493 2 4972 3 16 11,704 17 18 19 20 6 21 o 22 11,704 23 O 24 11,904 Taxable Income (line 15): Page 2 T 11,704 Tax owed from table: (enter on line 16)
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