Question

In: Accounting

Your W-2 form reports that your total wages were $35,539 for 2018. Your W-2 form also...

Your W-2 form reports that your total wages were $35,539 for 2018. Your W-2 form also reports that $4,053 was withheld from your wages for federal income tax. You receive a 1099-INT from your bank that indicated interest earned of $281. You are single, under the age of 65, not blind and not claimed by any other person as a dependent.

What is the amount of your payment or refund? (Be sure to first state "refund" or "payment" and then the dollar amount as a whole number)

Solutions

Expert Solution

Particulars Amount Amount
Gross income:
Salary $          35,539
Interest $                281
Capital gains and interest $                   -  
Gross income $          35,820
For AGI deductions $                   -  
Adjusted gross income $          35,820
Less:
Standard deduction $          12,000
Itemized deduction $                   -  
Higher of the two $          12,000
Taxable income $          23,820
Income tax liability $       2,667.90
[ 952.5 + ( 23820 - 9525 ) × 0.12 ]
Withholding $            4,053
Child tax credit $                   -  
Total payments $       4,053.00
Refund due $       1,385.10

Refund is:

1,385.10


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