Question

Frank earned $110,000 in salary and had $6,000 of taxable interest income during the year. Frank's...

Frank earned $110,000 in salary and had $6,000 of taxable interest income during the year. Frank's employer withheld $12,000 of federal income from his salary. He has one dependent child who lives with him. Frank has total itemized deductions of $14,350. The child is eligible for the $2,000 child care credit. What amount is due or owed to Frank?

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Answer #1

Calculation of Amount Due by Frank or Owed to Frank

Salary Earned = $ 110,000

Taxable Interest = $ 6,000

Gross Income   = ____________

$ 116,000

Less : Standard Deduction ( As per 2019 rule) $18,350

  or Itemized Deductions $ 14,350 which ever is greater = $ 18,350

Taxable Income ______________

$ 97,650

Income Tax Liability   

(12,692 + (97650-84200)*24%   = $ 16,190

Less : Child Tax Credit Eligible = $ 2,000

___________

Balance Tax $ 14,190

Less : Witheld Tax $ 12,000

____________

Tax Due to be paid by Frank $ 2,190

____________

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