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Mathematical Excursions (MindTap C...

4th Edition
Richard N. Aufmann + 3 others
ISBN: 9781305965584

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BuyFindarrow_forward

Mathematical Excursions (MindTap C...

4th Edition
Richard N. Aufmann + 3 others
ISBN: 9781305965584
Textbook Problem

Use the 2015 Tax Rate Schedules to solve Exercises.

Jeremy Little field is single and has an adjusted gross income of $ 152 , 600 . His W 2 form lists the amount withheld as $ 36 , 500 . Find Jeremy’s tax liability and determine his tax refund or balance due.

To determine

To calculate: Jeremy’s tax liability and determine her tax refund or balance due when Jeremy Littlefield is single and has an adjusted gross income of $152,600 . The W-2 form shows the amount withheld as $36,500 .

Explanation

Given Information:

Jeremy Littlefield is single and has an adjusted gross income of $152,600 . The W-2 form shows the amount withheld as $36,500 .

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 $152,600 , tax bracket ($90,751 - $189,300)

The tax due is $18,841

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