Parker is single and paying off his graduate student loan. The monthly payment is $679.34. He is hoping to receive an income tax refund that is large enough to make at least one monthly payment. His taxable income is$77,911 and his employer withheld $19,458 in federal taxes. a. How much of a refund will Tony receive? b. How many loan payments will Parker be able to make with this refund?

Arthur's employer withheld $15,987.76 in federal income tax. After completing his return, Arthur has determined that his tax is$18,945.22. Will Art get a refund, or does he owe the IRS and how much?

Latoya is an accountant who also works as a part-time museum tour guide. Information from her tax worksheet includes wages from the accounting job, $85,290.45; wages from the museum job,$12,670.34; interest, $563.99; and dividends,$234.67. What is Latoya's total income?

Latoya is an accountant who also works as a part-time museum tour guide. Information from her tax worksheet is wages from accounting job, $85,290.45; wages from museum job,$12,670.34; interest, $563.99; and dividends,$234.67. What is Latoya's total income?

The Kivetsky family had an adjusted gross income of $119,245.61. They included medical deductions on Schedule A. They had$14,191 in medical expenses. Medical insurance covered 80% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 10% of a taxpayer's adjusted gross income. How much can they claim as a medical deduction?

Arthur's employer withheld $15,987.76 in federal income tax. After completing his return, Arthur has determined that his tax is$18,945.22. Will Art get a refund, or does he owe the IRS and how much?

The Lowatsky family had $9,441 worth of hurricane damage that was not covered by insurance. They need to follow IRS procedures to take a casualty deduction on Schedule A. a. The IRS requires that$100 be deducted from each casualty. What is the total casualty loss after the $100 is deducted? b. Their adjusted gross income is$67,481. Find 10% of their adjusted gross income. c. Their Schedule A casualty deduction can be found by subtracting 10% of the adjusted gross income from the answer to part a. What is their casualty loss deduction?

A water bill listed a previous reading of 4,501 ccf and a present reading of 4,971 ccf. The water company charges $0.86 per ccf of water. What should have been charged on this water bill?

Find the tax for each exercise. Use the tax table to do these exercises.

LED light bulbs are replacing incandescent light bulbs because over 90% of the energy consumed by an incandescent bulb goes in to producing heat, not light. The 14-watt LightKing LED costs $132 in electricity per year. The 60-watt LightKing incandescent bulb gives the same amount of light but costs$6,09 in electricity per year. How much could be saved per year by using 25 of the LED bulbs in a house?

A taxpayer's annual Medicare tax is $841. What is the taxpayer's gross annual salary?

A taxpayer's annual Social Security tax is $6,107. What is the taxpayer's gross annual salary?

The Holfester family took $5 \frac{1}{2}$ hours to gather information for their Schedule A. The itemized deductions saved them $4,095 in taxes. What was the meani savings per hour to fill out Schedule A? Round to the nearest dollar.

Melanie is taxed at a 19% tax rate for her Federal taxes. Last year, she reduced her taxable income by contributing X dollars per biweekly paycheck to her tax deferred retirement account and Y dollars per biweekly paycheck to her FSA. Write an expression for the amount she reduced her taxes by if her gross biweekly pay is Z dollars.