In: Accounting
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)
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