What is the amount of their tax refund or taxes due?
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David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $1,900 and also have a child tax credit of $2,000.
What is the amount of their tax refund or taxes due?
Child tax credit is available $2000
Prepayments of tax to be deducted during calculation of net payable or tax refund.
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- Jamie has taxable income of $103,890. She is single and her tax rates are 10% on the first $7,000 of taxable income, 15% of the amount over $7,000 up to $28,400 of taxable income, 25% of the amount over $28,400 up to $80,000, and 35% over $80,000. What is Jamie's average tax rate? (keep 4 decimal places)Accounting 1.Jake pays $8,500 in deductible property taxes. His marginal tax rate is 31%, his effective tax rate is 26% and his nominal average tax rate is 28%. What is Jake's tax savings from paying the property tax? 2.Mike and Liz file a joint return in 2021. AGI is 64,000 and they have $27,000 of itemized deductions. Mike and Liz are both 65. What is their taxable income for 2021? a. $35,500 b. $36,200 c. $37,000 d. $38,900 e. None of the answers provided is correct.Jamie has taxable income of $127,644. She is single and her tax rates are 10% on the first $7,000 of taxable income, 15% of the amount over $7,000 up to $28,400 of taxable income, 25% of the amount over $28,400 up to $80,000, and 35% over $80,000. What is Jamie's tax liability? (keep 2 decimal places when necessary)
- Jorge and Anita, married taxpayers, earn $158,000 in taxable income and $42,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filling jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate Tax rate schedule: 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: 0 $9,950 $9.950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $164,925 |$14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $209,425 $523,600 | $157,804.25 plus 37% of the excess over $523,600…Jamie has taxable income of $107,812. She is single and her tax rates are 10% on the first $7,000 of taxable income, 15% of the amount over $7,000 up to $28,400 of taxable income, 25% of the amount over $28,400 up to $80,000, and 35% over $80,000. What is Jamie's average tax rate? (keep 4 decimal places)Xavier and his wife Maria have total W-2 income of $95,102. They will file their tax return as married filing jointly. They had a total of $7,910 withheld from their paychecks for federal income tax. Using the 22% from the tax table, Indicate whether the amount is a refund or additional tax.
- Sheniqua, a single taxpayer, had taxable income of $80, 628. Her employer withheld S 12,957 in federal income tax from her paychecks throughout the year. What is the amount of refund would Sheniqua receive or additional tax she would pay? Note: Input your answer as a positive number. Use the appropriate Tax Tables.Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally Paid by employer a. Exclusion Exclusion Exclusion Credit Oc. Credit Exclusion Od. Credit CreditYour uncle has a taxable income of $96,412 last year. If he files as a head of household, what is his tax liability? What would be your uncle's tax liability if he were to file his taxes as married filing jointly?
- Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$Cassy reports a gross tax liability of $1,190. She also claims $590 of nonrefundable personal credits, $795 of refundable personal credits, and $390 of business credits. What is Cassy's tax refund or tax liability due after applying the credits?Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment expenses. They also incur $3,000 of investment interest expense during the year. The Porters' income for the year consists of $150,000 in salary and $2,500 of interest income. b. What would their investment interest expense deduction be if they also had a ($2,000) long-term capital loss?
