Status Single     DATA TABLE             Total Tax Payments  $                   8,342         Taxable Income  $            55,060.00     20,000           30,000   Total Tax  $                   7,972     40,000               Refund Amount                       Amount Owed           Create two IF statements to fill in the Refund Amount and the Amount Owed. The Total Tax Payments are the amount withheld from your paycheck, plus any other sources of tax. The Total Tax is calculated based on your Taxable Income. The Refund Amount (cell C9) is only present if your Total Tax Payments exceed your Total Tax. If it is shown, it will display the amount you overpaid. If your payments did not exceed your total tax, then the cell should be blank or "". The Refund Amount should never be a negative number. The formula for Refund Amount is  =IF( Answer , Answer , Answer ) The Amount Owed (cell C11) is only present if your Total Tax Payments does not exceed your Total Tax. If it is shown, it will display the additional payment required. If your payments exceed your Total Tax, then the cell should be blank or "". The Amount Owed should never be a negative number. The formula for Amount Owed is =IF( Answer , Answer , Answer )

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Status Single     DATA TABLE
           
Total Tax Payments  $                   8,342        
Taxable Income  $            55,060.00     20,000  
        30,000  
Total Tax  $                   7,972     40,000  
           
Refund Amount          
           
Amount Owed          

Create two IF statements to fill in the Refund Amount and the Amount Owed.

The Total Tax Payments are the amount withheld from your paycheck, plus any other sources of tax. The Total Tax is calculated based on your Taxable Income.

The Refund Amount (cell C9) is only present if your Total Tax Payments exceed your Total Tax. If it is shown, it will display the amount you overpaid. If your payments did not exceed your total tax, then the cell should be blank or "". The Refund Amount should never be a negative number.

The formula for Refund Amount is 
=IF( Answer , Answer , Answer )

The Amount Owed (cell C11) is only present if your Total Tax Payments does not exceed your Total Tax. If it is shown, it will display the additional payment required. If your payments exceed your Total Tax, then the cell should be blank or "". The Amount Owed should never be a negative number.

The formula for Amount Owed is
=IF( Answer , Answer , Answer )

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