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28 September, 11:53

Sharon Jones is single. During 2019, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax (due/refund) of $.

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  1. 28 September, 13:38
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    tax due is = $3847

    Explanation:

    given data

    gross income of $159,800

    deduction for AGI = $5,500

    itemized deductions = $14,000

    tax credits = $2,000

    federal income tax = $22,000

    solution

    we get here AGI that is

    AGI = gross income - deduction for AGI

    AGI = 159800 - 5500

    AGI = 154300

    and

    taxable income will be as

    taxable income = AGI - itemized deductions

    taxable income = 154300 - 14000

    taxable income = $140300

    and gross tax will be as

    gross tax = 14382.50 + (140300 - 84200) * 24%

    gross tax = $27847

    so tax due is = gross tax - tax credit - withholding

    tax due is = 27847 - 2000 - 22000

    tax due is = $3847
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