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 $.

Question

Isai Randolph

Business

30 November, 20:36

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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Answers (1)

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Laurel Krueger · Answer 1

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