**Tax Information for Educational Purposes****Table Summary:**The table shows tax amounts based on specific ranges of taxable income and filing status. It divides incomes into $50 brackets, from $65,000 to $65,400. The tax is calculated separately for individuals who are:- Single- Married filing jointly- Married filing separately- Head of a householdFor example, if your taxable income is at least $65,200 but less than $65,250 and you are married filing jointly, your tax is $8,994.**Scenario:**Alexis and Ashley, who are married and file taxes jointly, have a combined taxable income of $65,230. Each week, $198 is withheld from their paychecks. Using the table, determine what Alexis and Ashley might expect at tax time.**Question:**Based on the information given:- They will receive a refund of $1,302- They will receive a refund of $8,994- They will owe an additional $1,302**Note:** The correct answer can be determined using the tax table and calculating their total withheld amount for the year.

Alexis and Ashley are married filling jointly and their combined taxable income is $ 65230. As per…

Income) Is- Single Married Married Head of a house- rafely hold At least But less than filing filing jointly sepa- Your tax is- 65,000 65,000 65,050 12,600 8,951 12,600 11,319 65,050 65,100 12,613 65,100 65,150 12,625 65,150 65,200 12,638 65,200 65,250 12,650 8,994 12,650 11,369 65.250 65.300 12,663 65,300 65,350 12,675 65,350 65,400 12,688 8,959 12,613 11,331 8,969 12,625 11.344 8,981 12,638 11,356 9,006 12,663 11,381 9,019 12,675 11,394 9,031 12,688 11,406 Alexis and Ashley are married, filing jointly. Their combined taxable income is $65,230. Every week, a total of $198 is withheld from their pay. Based on the table, what can Alexis and Ashley expect when their taxes are due? (1 Point) O They will receive a refund of $1,302 O Thế will receive a refund of $8,994 ) They will owe an additional $1.302

Income) Is- Single Married Married Head of a house- rafely hold At least But less than filing filing jointly sepa- Your tax is- 65,000 65,000 65,050 12,600 8,951 12,600 11,319 65,050 65,100 12,613 65,100 65,150 12,625 65,150 65,200 12,638 65,200 65,250 12,650 8,994 12,650 11,369 65.250 65.300 12,663 65,300 65,350 12,675 65,350 65,400 12,688 8,959 12,613 11,331 8,969 12,625 11.344 8,981 12,638 11,356 9,006 12,663 11,381 9,019 12,675 11,394 9,031 12,688 11,406 Alexis and Ashley are married, filing jointly. Their combined taxable income is $65,230. Every week, a total of $198 is withheld from their pay. Based on the table, what can Alexis and Ashley expect when their taxes are due? (1 Point) O They will receive a refund of $1,302 O Thế will receive a refund of $8,994 ) They will owe an additional $1.302

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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