Question

You are single and employed full-time as a manager. You have no children. Your gross income is $49,500.

You contributed $1,800 to an IRA account. You paid $2,985 in home mortgage interest. You made $750 in charitable donations. You spent $2,700 in non-reimbursed medical expenses beyond the 7.5% of adjusted gross income.

Answer 1

@elsa213 @frostbite @tester97 @KiowNiove @squirrels @studygurl14 @ zze0ck3r @esshot @linn99123 @one098 @kamibug @ashleyisakitty @campbell_st @robtobey @destinymasha @dan815 @texaschic101

Answer 2

@KlOwNlOvE @esshotwired

Answer 3

Oh hey @One098 I mean ''Unikitty'' lol..

Answer 4

Lol I've seen the movie like a thousand times. I love her!

Answer 5

and Wyldstyle.

Answer 6

And Emmet.

Answer 7

Can't open it..

Answer 8

Here I will post another!

Answer 9

Part I: Scenario
Select Scenario to find out your job, gross income, and family situation. Choose one of the four scenarios and send the details of the one you chose to your instructor.

You are single and employed full-time as a manager. You have no children. Your gross income is $49,500.

You contributed $1,800 to an IRA account. You paid $2,985 in home mortgage interest. You made $750 in charitable donations. You spent $2,700 in non-reimbursed medical expenses beyond the 7.5% of adjusted gross income.

Answer 10

Part II: Claim Allowances
In order for your employer to pay you, he must first determine how much of your paycheck will go to the government. So once you know your gross pay each year, you must claim allowances on your W-4 form. Use the Personal Allowances Worksheet to help you.
After determining the number of allowances you will claim, find out how much federal income tax will be withheld from your paycheck for the year. First, find the scenario you were given. Then, use the chart to determine your withholdings based on your chosen allowances.
You will submit the number of allowances and its accompanying federal withholding amount to your instructor.

Answer 11

Part III: Calculate Taxable Income
Now its time to file your taxes! Submit the work to the steps described below to your instructor.
1. Subtract any adjustments from your gross income to determine your adjusted gross income, or AGI.
2. Determine if you will take a standard or itemized deduction based on your given scenario. If you take a standard deduction, use $5,700 if you are single and $11,400 if you are married.
3. Calculate the value of your exemptions. Use $3,650 for each person supported by the income reported.
4. Subtract the deductions and exemptions from the adjusted gross income (AGI). This is your taxable income.

Answer 12

Now you will compare the amount of federal withholding to your tax liability. Did you overestimate your personal allowances? Did you underestimate? Its time to find out! Respond to each of the following statements using complete sentences. Provide the number of allowances and amount of federal withholding you claimed at the beginning of the activity. Explain why you claimed this number of allowances.
1. Explain how you would determine if you owed the federal government money or if you would receive a refund.
2. Explain how you would calculate the amount of your payment to the government or the amount of your refund. Provide the solution.
3. Change the number of personal allowances that you made at the beginning of this activity. Provide the following information to your instructor: your new federal withholding the new amount of your refund from the government or balance owed to the government An explanation on why changing your personal allowances will increase or decrease the amount of taxes you must pay or the amount of a refund you will receive.
4. After calculating the amount of money you must pay to the government or receive as a refund, would you reconsider how many personal allowances you claimed on the W-4? Why or why not?

Answer 13

@One098

Answer 14

Have you read what you're supposed to do?

Answer 15

Yes!

Answer 16

Forgot the personal allowances worksheet.