Problem 4-31 (LO 4-1) (Algo) David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,015 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due? Description Total tax Child tax credit Prepayments Tax refund Amount

Problem 4-31 (LO 4-1) (Algo) David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,015 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due? Description Total tax Child tax credit Prepayments Tax refund Amount

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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Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
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