FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**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 household

For 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.
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Transcribed Image Text:**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 household For 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.
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