Sheila and Joe Wells are married with one dependent child. During 2023, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $29,100 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax ______ (due/refund) of $______. Taxable Income Taxes Owed $22,000 or less 10% of the taxable income $22,001 to $89,450 $2,200 plus 12% of amount over $22,000 $89,451 to $190,750 $10,294 plus 22% of amount over $89,450 $190,751 to $364,200 $32,580 plus 24% of amount over $190,750 $364,201 to $462,500 $74,208 plus 32% of amount over $364,200 $462,501 to $693,750 $105,664 plus 35% of amount over $462,500 $693,751 or more $186,601.50 plus 37% of amount over $693,750
Sheila and Joe Wells are married with one dependent child. During 2023, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $29,100 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax ______ (due/refund) of $______. Taxable Income Taxes Owed $22,000 or less 10% of the taxable income $22,001 to $89,450 $2,200 plus 12% of amount over $22,000 $89,451 to $190,750 $10,294 plus 22% of amount over $89,450 $190,751 to $364,200 $32,580 plus 24% of amount over $190,750 $364,201 to $462,500 $74,208 plus 32% of amount over $364,200 $462,501 to $693,750 $105,664 plus 35% of amount over $462,500 $693,751 or more $186,601.50 plus 37% of amount over $693,750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sheila and Joe Wells are married with one dependent child. During 2023, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $29,100 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax ______ (due/refund) of $______.
| Taxable Income | Taxes Owed |
|---|---|
| $22,000 or less | 10% of the taxable income |
| $22,001 to $89,450 | $2,200 plus 12% of amount over $22,000 |
| $89,451 to $190,750 | $10,294 plus 22% of amount over $89,450 |
| $190,751 to $364,200 | $32,580 plus 24% of amount over $190,750 |
| $364,201 to $462,500 | $74,208 plus 32% of amount over $364,200 |
| $462,501 to $693,750 | $105,664 plus 35% of amount over $462,500 |
| $693,751 or more | $186,601.50 plus 37% of amount over $693,750 |
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