Sheila and Joe Wells are married with two dependent children. During 2021, they have gross income of $99,800, deductions for AGI of $3,500, itemized deductions of $10,000 and tax credits of $2,000. The Wells' had $6,000 withheld by their employer for federal income tax. They have a total tax of Blank 1 and an amount due/refund of Blank 2 (Use the tax table in Appendix D) Correct Answer Blank 1: 8149 Blank 2: 149

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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Sheila and Joe Wells are married with two dependent children. During 2021, they have gross income of $99,800, deductions for AGI of $3,500, itemized deductions of $10,000 and tax credits of $2,000. The Wells' had $6,000 withheld by their employer for federal income tax. They have a total tax of Blank 1 and an amount due/refund of Blank 2 (Use the tax table in Appendix D)

Correct Answer

Blank 1: 8149

Blank 2: 149

 

 

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