Susan is single and lives with her 2 young children. She has a salary of $75,000

Question

Susan is single and lives with her 2 young children. She has a salary of $75,000 and had Federal tax withheld of $15,000. She has the following itemized deductions: Medical 8,000 Mortgage interest 5,000 Credit card interest 2,000 Property tax 2,500 Sales tax 1,500 State income tax withheld 2,000 Charitable contributions 1,000 Tax return preparation fee 500 Childcare expenses 5,000 Compute her tax due or refund. Susan is single and lives with her 2 young children. She has a salary of $75,000 and had Federal tax withheld of $15,000. She has the following itemized deductions: Medical 8,000 Mortgage interest 5,000 Credit card interest 2,000 Property tax 2,500 Sales tax 1,500 State income tax withheld 2,000 Charitable contributions 1,000 Tax return preparation fee 500 Childcare expenses 5,000 Compute her tax due or refund. Susan is single and lives with her 2 young children. She has a salary of $75,000 and had Federal tax withheld of $15,000. She has the following itemized deductions: Medical 8,000 Mortgage interest 5,000 Credit card interest 2,000 Property tax 2,500 Sales tax 1,500 State income tax withheld 2,000 Charitable contributions 1,000 Tax return preparation fee 500 Childcare expenses 5,000 Compute her tax due or refund.

Explanation / Answer

Total Income $75,000 Total Deductions $14,500 Total Exemptions $4,050 Taxable Income $56,450 Regular Taxes $9,851 Total Tax with Credits $9,851 Tax Rate 25% Tax Pre-payments $15,000 Refund $5,149

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