A single person earns a gross yearly salary of $146489. She has no dependent chi
ID: 2340656 • Letter: A
Question
A single person earns a gross yearly salary of $146489. She has no dependent children and made the following tax deductible purchases: Charitable contributions: $7306 Student loan interest: $1261 When she file her taxes, what will her tax refund be? Round your answer to the nearest dollar. Use the following information: Standard deduction for single filers: $12000 Individual Taxpayers If Taxable Income Is Between: 0 $9,525 $9,526 $38,700 $38,701 $82,500 $82,501 $157,500 $157,501 $200,000 $200,001 $500,000 $500,001+ The Tax Due Is: 10% of taxable income $952.50 + 12% of the amount over $9,525 $4,453.50 22% of the amount over $38,700 $14,089.50 + 24% of the amount over $82,500 $32,089.50 + 32% of the amount over $157,500 $45,689.50 + 35% of the amount over $200,000 $150,689.50 + 37% of the amount over $500,000Explanation / Answer
a)
CALCULATIONS OF WITHHOLDING TAX
Gross Taxable Income for the year
$ 146,489.00
Gross Taxable Income for the Month
$ 12,207.42
Gross Taxable Income for the Bi-weekly
$ 5,634.19
Bi-weekly allowances given
$ 159.60
Net Income
$ 5,474.59
Calculations of Withholding tax
base rate
$ 541.82
24% of amount exceeding $ 3,315
$ 518.30
TOTAL WITHOLDING TAX-BI-Weekly
$ 1,060.12
Yearly withholding tax
$ 27,563.18
a)
CALCULATIONS OF TAX PAYABLE
Gross Salary
$ 146,489.00
Less:
Admissible deductions
Charitable contribution
$ 7,306.00
Student loan interest
$ 1,261.00
TAXABLE INCOME
$ 137,922.00
Tax payable
Base amount
$ 14,089.50
24% over $ 82,500
$ 13,301.28
Tax payable
$ 27,390.78
REFUND AMOUNT
$ 172.40
a)
CALCULATIONS OF WITHHOLDING TAX
Gross Taxable Income for the year
$ 146,489.00
Gross Taxable Income for the Month
$ 12,207.42
Gross Taxable Income for the Bi-weekly
$ 5,634.19
Bi-weekly allowances given
$ 159.60
Net Income
$ 5,474.59
Calculations of Withholding tax
base rate
$ 541.82
24% of amount exceeding $ 3,315
$ 518.30
TOTAL WITHOLDING TAX-BI-Weekly
$ 1,060.12
Yearly withholding tax
$ 27,563.18
a)
CALCULATIONS OF TAX PAYABLE
Gross Salary
$ 146,489.00
Less:
Admissible deductions
Charitable contribution
$ 7,306.00
Student loan interest
$ 1,261.00
TAXABLE INCOME
$ 137,922.00
Tax payable
Base amount
$ 14,089.50
24% over $ 82,500
$ 13,301.28
Tax payable
$ 27,390.78
REFUND AMOUNT
$ 172.40
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