Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (LO3.2) Adjusted gross income, $42,140 Credit for child and dependent care expenses, $400 Amount for personal exemptions, $12,150 Itemized deductions, $11,240 Federal income tax withheld, $6,686 Tax rate on taxable income, 10 percent
Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (LO3.2) Adjusted gross income, $42,140 Credit for child and dependent care expenses, $400 Amount for personal exemptions, $12,150 Itemized deductions, $11,240 Federal income tax withheld, $6,686 Tax rate on taxable income, 10 percent
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter17: Business Tax Credits And The Alternative Minimum Tax
Section: Chapter Questions
Problem 18P
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Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (LO3.2)
Adjusted gross income, $42,140
Credit for child and dependent care expenses, $400
Amount for personal exemptions, $12,150
Itemized deductions, $11,240
Federal income tax withheld, $6,686
Tax rate on taxable income, 10 percent
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I understand the calculations portion of it but im confused with the final income tax refund amount. Its -$5,211 that would mena they would owe instead of getting a refund or am i looking at it wrong?
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