Answered: Victor and Roberta Sanchez file jointly…

Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They contributed $4,200 to their retirement pl

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter9: Individuals As Taxpayers

Section: Chapter Questions

Problem 5CE

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Question

Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,111.

Are they entitled to a refund)) or do they owe additional taxes?

a.owe additional taxes or

b. entitled to a refund

How much (in $)?

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