Math

Mathematical Excursions (MindTap Course List)Use the 2015 Tax Rate Schedules to solve Exercises. Dee Pinckney is married and filing jointly. She has an adjusted gross income of $ 58 , 120 . The W − 2 form shows the amount withheld as $ 7124 . Find Dee’s tax liability and determine her tax refund or balance due.BuyFind*arrow_forward*

4th Edition

Richard N. Aufmann + 3 others

Publisher: Cengage Learning

ISBN: 9781305965584

Chapter 9.3, Problem 3EE

Textbook Problem

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Use the

Dee Pinckney is married and filing jointly. She has an adjusted gross income of

Expert Solution

To determine

**To calculate:**

Dee's tax liability and determine her tax refund or balance due when Dee Pinckney is married and filling jointly. She has an adjusted gross income of

**Given Information:**

Dee Pinckney is married, with adjusted gross income of

**Formula used:**

Table for calculating tax:

Steps for calculating tax liability and balance or refund:

Step I

: Look for the tax bracket in which the gross income falls.

Step II

: Calculate the tax liability.

Step III: If the tax is more than amount withheld in W-2, tax liability is difference between them.

Step IV: If the amount withheld in W-2 is more than the tax is more than, there difference will be the tax refund.

**Calculation:**

Gross income

The tax due is,

Mathematical Excursions (MindTap Course List)

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