Mathematics, 14.10.2019 22:40 campbell387

Harry and helen are married, filing jointly. their combined taxable income is $65,922. every week, a total of $187 is withheld from their pay. based on the table below, what can harry and helen expect when their taxes are due?

Harry and helen are married, filing jointly. their combined taxable income is $65,922. every week, a

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Answer from: alyssacyamamoto8050

Their combine taxable income is $65,922. This is within the taxable income range of
65,950 - 66,000

Since Harry and Helen and married and filed for their income taxes jointly, they can expect to pay a tax of $9,181. Every week, a total of $187 is withheld from their pay which results to a yearly total of $8,976 which is less than their tax and so, they need to pay an additional $205 per year to cover their tax.

Answer from: ousmaner

The net tax refund of Harry and Helen is $555.

Further explanation:

Marginal tax rate:

The marginal tax rate refers to the tax rate that is incurred on the additional dollar. Generally, the marginal tax rate tends to increase as the income of the taxpayer increases. It is also known as progressive taxation where the taxpayer with the higher level of income tends to pay a higher level of income tax.

Tax liability of Harry and Helen:

The income of Harry and Helen is $65,922. They are a married couple who filled return jointly. Their income falls in the income slab of $65,900-65,950. The tax liability of a married couple filing jointly is $9,169. Every week, $187 is withheld from their pay. The total withheld amount for the year will be deducted from the total tax liability to calculate their due tax liability.

$\begin{aligned}\text{Due Tax Liability}&=\text{Total Tax Liability}-\text{Total Withheld Amount}\\&=\text{Total Tax Liability}\\&\:\:\:\:-(\text{Weekly withheld amount}\times{\text{Number of weeks in a year}})\\&=\$9,169-(\$187\times{52})\\&=\$555\end{aligned}$

Thus, the net tax refund of Harry and Helen is $555.

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Answer details:

Grade: Senior School

Subject: Taxation

Chapter: Income tax

Keyword: Harry and Helen are married, filing jointly, their, combined, taxable, income, every week, a total, withheld, from, their, pay, based, the table below, expect, their, taxes.

Answer from: Quest

step-by-step explanation:

Answer from: Quest

addition

step-by-step explanation:

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