7.4 Day 1 1040s Worksheet

1. 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?

• Refund

• Owe

1. 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. How much will Art owe the IRS?

2. 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; bank interest, $563.99; and stock dividends, $234.67. What is Latoya’s total income?

3. Drew is single with a taxable income for last year of $83,472. His employer withheld $16,998 in federal taxes.

a. Use the tax tables booklet to determine Drew’s tax.

3. Drew is single with a taxable income for last year of $83,472. His employer withheld $16,998 in federal taxes.

b. Does Drew get a refund?

• Yes

• No

3. Drew is single with a taxable income for last year of $83,472. His employer withheld $16,998 in federal taxes.

c. Find the difference between Drew’s tax and the amount withheld by his employer.

4. Davia and Bill are married and fi le their taxes jointly. Davia’s taxable income was $50,675 and Bill’s was $32,802. Davia’s employer withheld $11,654 in federal taxes. Bill’s employer withheld$7,345 in federal taxes.

a. What is their combined taxable income?

4. Davia and Bill are married and fi le their taxes jointly. Davia’s taxable income was $50,675 and Bill’s was $32,802. Davia’s employer withheld $11,654 in federal taxes. Bill’s employer withheld$7,345 in federal taxes.

b. Use the tax tables booklet to determine their tax.

4. Davia and Bill are married and fi le their taxes jointly. Davia’s taxable income was $50,675 and Bill’s was $32,802. Davia’s employer withheld $11,654 in federal taxes. Bill’s employer withheld$7,345 in federal taxes.

c. Do they get a refund?

• Yes

• No

4. Davia and Bill are married and fi le their taxes jointly. Davia’s taxable income was $50,675 and Bill’s was $32,802. Davia’s employer withheld $11,654 in federal taxes. Bill’s employer withheld$7,345 in federal taxes.

d. Find the difference between their tax and the amount withheld by their employers.