Harry and Helen are married, filing jointly. Their combined taxable income is $65,922. Every week, a total of $187 is withheld f
2 answers:
<u>Harry and Helen will receive a refund of $555. </u>
Further explanation:
Tax liability of Harry and Helen:
The total income of the married couple is $65,922. It lies in the income slab of $65,900-65,950. The couple pays $187 weekly for the income tax. Thus, this amount will be deducted from their annual tax liability. The total tax liability for the married couple whose income is between $65,900-65,950 is $9,169.
Thus, the net tax liability of Harry and Helen is $555.
Justification for the correct and incorrect option:
a.
Harry and Helen will owe an additional $193: This is an incorrect option because the couple has more withhold amount than their actual tax liability.
b.
Harry and Helen will owe an additional $3,104: This is an incorrect option because the couple has more withhold amount than their actual tax liability.
c.
Harry and Helen will receive a refund of $724: This is an incorrect option because their actual tax refund will not be $724.
d.
Harry and Helen will receive a refund of $555: This is the correct option because the actual refund will be $555 as per above calculation.
Thus, option (d) is correct. Harry and Helen will receive a refund of $555.
Learn more:
- Learn more about income tax brainly.com/question/2433386
- Learn more about the laws related to the sole proprietor brainly.com/question/5742225
- Learn more about the property damage law brainly.com/question/4725726
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.
You might be interested in
We have already chosen "i" to be the first letter. This means that we still have 8 letters that we can use as the second letter. Once that letter is chosen, we still have 7 letters that we can use as the third letter, and so on. This means we have
ways of choosing the remaining 8 letters.
<u>However,</u> some of the 8 available letters are equal: we have 2 m's, 2 t's and 2 e's. This means that we overcounted the number of words on the reasoning above. We can correct the counting by dividing three times by 2!, one time for each of the repeated letters.
The final answer is