20. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? E) Owe $902 in tax. F) Owe $2,042 in tax G) Have a refund of $1,070 H) Have a refund of $2,042.

20. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? E) Owe $902 in tax. F) Owe $2,042 in tax G) Have a refund of $1,070 H) Have a refund of $2,042.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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