Mr. and Mrs. Brown report taxable income of $130,000 in 2018. In addition, they report the...
-
Mr. and Mrs. Brown report taxable income of $130,000 in 2018. In addition, they report the following.
|
Excess Social Security Withholding Credit |
$2,200 |
|
Estimate tax payments |
4,000 |
|
Withholding |
14,200 |
-
Compute the amount due or refund claimed when Mr. and Mrs. Brown file their 2018 federal income tax return.
Homework Answers
| Mr & Mrs. Brown have filed their taxes together as a married couple and therefore with | ||
| a taxable income of $ 130,000, they fall under $8,863.80 + 22% in excess of $77,040 bracket | ||
| Total tax to be paid is | $20,515.00 | |
| Excess social security withholding credit | $2,200.00 | |
| Final total taxes to be paid | $18,315.00 | |
| Excess social security withholding credit is generally deducted from taxes owed | ||
| Total taxes already paid | ||
| Estimate payments | $4,000.00 | |
| Withholding | $14,200.00 | |
| $18,200.00 | ||
| Final total taxes to be paid | $18,315.00 | |
| Taxes due | $115.00 | |
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