Laura has 1 dependent children and earns a gross yearly salary of $83,670. She will also make the following tax-deductible purchases: • Student loan interest: $2,476 • Educational expenses: $3,821 When she file her taxes, what will her tax refund be? Use the following information: Standard deduction for heads of households: $20,800 2023 Head of Household • If Taxable Income is Between: $0-$15,700 $15,701-$59,850 $59,851 $95,350 $95,351-$182,100 $182,101 $231,250 $231,251-$578,100 $578.101 or more Biweekly allowance: $165.38 per person. The Tax Due is: 10% of taxable income $1,570 plus 12% of the amount over $15,700 $6,868 plus 22% of the amount over $59,850 $14,678 plus 24% of the amount over $95,350 $35,498 plus 32% of the amount over $182,100 $51,226 plus 35% of the amount over $231,250 $172,623.50 plus 37% of the amount over $578,100 2023 Head of Household Person Biweekly Withholding Table $0-$842 $842-$1,479 $1,479-$3,269 $3,269-$4,708 $4,708-$8,225 $8,225-$10,215 $10,215-$24,279 $24,279 or more Taxable Wages $0.00 Wages Withholding $0.00 plus 10% of amount exceeding $842 $63.70 plus 12% of amount exceeding $1,479 $278.50 plus 22% of amount exceeding $3,269 $595.08 plus 24% of amount exceeding $4,708 $1,439.16 plus 32% of amount exceeding $8,225 $2,075.96 plus 35% of amount exceeding $10,215 $6,998.36 plus 37% of amount exceeding $24,279
Laura has 1 dependent children and earns a gross yearly salary of $83,670. She will also make the following tax-deductible purchases: • Student loan interest: $2,476 • Educational expenses: $3,821 When she file her taxes, what will her tax refund be? Use the following information: Standard deduction for heads of households: $20,800 2023 Head of Household • If Taxable Income is Between: $0-$15,700 $15,701-$59,850 $59,851 $95,350 $95,351-$182,100 $182,101 $231,250 $231,251-$578,100 $578.101 or more Biweekly allowance: $165.38 per person. The Tax Due is: 10% of taxable income $1,570 plus 12% of the amount over $15,700 $6,868 plus 22% of the amount over $59,850 $14,678 plus 24% of the amount over $95,350 $35,498 plus 32% of the amount over $182,100 $51,226 plus 35% of the amount over $231,250 $172,623.50 plus 37% of the amount over $578,100 2023 Head of Household Person Biweekly Withholding Table $0-$842 $842-$1,479 $1,479-$3,269 $3,269-$4,708 $4,708-$8,225 $8,225-$10,215 $10,215-$24,279 $24,279 or more Taxable Wages $0.00 Wages Withholding $0.00 plus 10% of amount exceeding $842 $63.70 plus 12% of amount exceeding $1,479 $278.50 plus 22% of amount exceeding $3,269 $595.08 plus 24% of amount exceeding $4,708 $1,439.16 plus 32% of amount exceeding $8,225 $2,075.96 plus 35% of amount exceeding $10,215 $6,998.36 plus 37% of amount exceeding $24,279
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 29P: Arthur and Cora are married and have 2 dependent children. They have a gross income of 95,000. Their...
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Transcribed Image Text:Laura has 1 dependent children and earns a gross yearly salary of $83,670.
She will also make the following tax-deductible purchases:
• Student loan interest: $2,476
• Educational expenses: $3,821
When she file her taxes, what will her tax refund be?
Use the following information:
Standard deduction for heads of households: $20,800
2023 Head of Household
•
If Taxable Income is Between:
$0-$15,700
$15,701-$59,850
$59,851 $95,350
$95,351-$182,100
$182,101 $231,250
$231,251-$578,100
$578.101 or more
Biweekly allowance: $165.38 per person.
The Tax Due is:
10% of taxable income
$1,570 plus 12% of the amount over $15,700
$6,868 plus 22% of the amount over $59,850
$14,678 plus 24% of the amount over $95,350
$35,498 plus 32% of the amount over $182,100
$51,226 plus 35% of the amount over $231,250
$172,623.50 plus 37% of the amount over $578,100
2023 Head of Household Person Biweekly Withholding Table
$0-$842
$842-$1,479
$1,479-$3,269
$3,269-$4,708
$4,708-$8,225
$8,225-$10,215
$10,215-$24,279
$24,279 or more
Taxable Wages
$0.00
Wages Withholding
$0.00 plus 10% of amount exceeding $842
$63.70 plus 12% of amount exceeding $1,479
$278.50 plus 22% of amount exceeding $3,269
$595.08 plus 24% of amount exceeding $4,708
$1,439.16 plus 32% of amount exceeding $8,225
$2,075.96 plus 35% of amount exceeding $10,215
$6,998.36 plus 37% of amount exceeding $24,279
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