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 tax tables, determine the amount of refund or additional tax due upon filing their tax return. Indicate whether the amount is a refund or additional tax. 2020 Federal lIncome Tax Brackets and Rates for Single Filers,Married Couples Filing Jointly, and Heads of HouseholdsFor SingleIndividualsFor Married Individuals FilingJoint ReturnsFor Heads ofHouseholdsRate10%Up to $9,875Up to $19,75Up to $14,100$9,876 to $40,125 $19,751 to $80,250$14,101 to$53,70012%$40,126 to$85, 525$53,701 to$85,50022%$80,251 to $171,050$85, 526 to$163,300$171,051 to $326,600$85, 501 to$163,30024%$163,301 to$207,350$326, 601 to $414,70032%$163,301 to$207,350$207,351 to$518,400$414,701 to $622,050$207,351 to$518, 40035%37%$518,401 or more$622,051 or more$518, 401 or moreSource: Internal Revenue Service

Tax Liability: the tax liability is the amount of money owed to the IRS in the form of tax debt.…

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 tax tables, determine the amount of refund or additional tax due upon filing their tax return. Indicate whether the amount is a refund or additional tax.

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 tax tables, determine the amount of refund or additional tax due upon filing their tax return. Indicate whether the amount is a refund or additional tax.

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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