Robert and John are married and have 5 dependent children and earn a gross biweekly salary of $5,782. They will also make the following tax-deductible purchases: • Medical expenses: $6,206 • Educational expenses: $7,226 When they file their taxes jointly, what will their
Robert and John are married and have 5 dependent children and earn a gross biweekly salary of $5,782. They will also make the following tax-deductible purchases:
• Medical expenses: $6,206
• Educational expenses: $7,226
When they file their taxes jointly, what will their tax refund be?
Use the following information:
• Standard deduction for married couples: $24,800
• Biweekly allowance: $165.38 per person
For your final answer proceed as:
Annual Income Tax to be payed or refunded = Total Annual Withholding - Final Income Tax.
If the couple has to pay the government, type the number with a negative sign. For example, -325.
If the couple has to receive a refund from government, type the number without sign. For example, 325.
Round your answer to the nearest dollar.
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