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: $7,226When 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 personPictures inserted here 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. 2020 Married Person Biweekly Withholding TableTaxable WagesWages Withholding$0 - $477$477 - $857$857 - $2,020$2,020 - $3,766$3,766 - $6,758$6,758 - $8,452$8,452 - $12,439$0.00$0.00 plus 10% of amount exceeding $477$38.00 plus 12% of amount exceeding $857$177.56 plus 22% of amount exceeding $2,020$561.68 plus 24% of amount exceeding $3,766$1,279.76 plus 32% of amount exceeding $6,758$1,821.84 plus 35% of amount exceeding $8,452$3,217.29 plus 37% of amount exceeding $12,439$12,439 or more Married Individuals Filing Joint Returns and Surviving SpousesIf Taxable Income Is Between:The Tax Due Is:0- $19,75010% of taxable income$19,751 - $80,250$1,975 + 12% of the amount over $19,750$80,251 - $171,050$9,235 + 22% of the amount over $80,250$171,051 $326,600$29,211 + 24% of the amount over $171,050$326,601 $414,700$66,543 + 32% of the amount over $326,600$414,701 $622,050$94,735 + 35% of the amount over $414,700$622,051$167,307.50 + 37% of the amount over $622,050

Answered: Robert and John are married and have 5…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 19P

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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

Pictures inserted here

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.

2020 Married Person Biweekly Withholding Table
Taxable Wages
Wages Withholding
$0 - $477
$477 - $857
$857 - $2,020
$2,020 - $3,766
$3,766 - $6,758
$6,758 - $8,452
$8,452 - $12,439
$0.00
$0.00 plus 10% of amount exceeding $477
$38.00 plus 12% of amount exceeding $857
$177.56 plus 22% of amount exceeding $2,020
$561.68 plus 24% of amount exceeding $3,766
$1,279.76 plus 32% of amount exceeding $6,758
$1,821.84 plus 35% of amount exceeding $8,452
$3,217.29 plus 37% of amount exceeding $12,439
$12,439 or more

Married Individuals Filing Joint Returns and Surviving Spouses
If Taxable Income Is Between:
The Tax Due Is:
0- $19,750
10% of taxable income
$19,751 - $80,250
$1,975 + 12% of the amount over $19,750
$80,251 - $171,050
$9,235 + 22% of the amount over $80,250
$171,051 $326,600
$29,211 + 24% of the amount over $171,050
$326,601 $414,700
$66,543 + 32% of the amount over $326,600
$414,701 $622,050
$94,735 + 35% of the amount over $414,700
$622,051
$167,307.50 + 37% of the amount over $622,050

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