Ask Question
26 May, 10:04

Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time position. You had a total of $7,700 dollars withheld in taxes (from both jobs combined) and will take the standard deduction. a. Will you get a refund, or will you have to pay more tax? b. What is the amount of the refund/payment?

+1
Answers (1)
  1. 26 May, 10:19
    0
    a) we will get a refund

    b) $3,043.75

    Explanation:

    Given:

    Income from primary job = $35,000.00

    Income from part time job = $5,500

    Total income = $35000 + $5500 = $40,500

    Now, As per IRS, tax brackets for 2017 is as:

    For income, 0 - $9325 = 10% of Taxable Income

    For income, $9326 - $37950 = $932.50 + 15% of the amount over $9325

    and, for income $37,950 - $91,900 = $5226.25 + 25% of amount over $37950

    Standard Deduction is $6350 for single tax payer

    Now,

    The Net Income = Total income - Standard deduction

    = $40,500 - $6,350

    = $34,150

    Total Tax due = $932.50 + ($34150 - $9325) * 15%

    = $932.50 + $3723.75

    = $4,656.25

    Thus, Withheld tax amount (i. e $7700) is above the tax calculated

    Hence, we will get a refund

    b) Amount of refund = Withheld tax - Tax due as per IRS

    = $7,700 - $4,656.25

    = $3,043.75
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Assume you are a single person with no dependents who made $35,000.00 from your primary job and an additional $5,500.00 from a part time ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers