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

ekkarill92 answered 1 year ago

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