Income taxes & Retirement

Calculate the tax for each of the taxable incomes of a head of household taxpayer, using the tax schedule on the left.

a.       $200,000

Calculate the tax for each of the taxable incomes of a head of household taxpayer, using the tax schedule on the left.

a.       $23,872

Calculate the tax for each of the taxable incomes of a head of household taxpayer, using the tax schedule on the left.

a.       $121,890

Calculate the tax for each of the taxable incomes of a head of household taxpayer, using the tax schedule on the left.

a.       $82,251

Davia and Bill are married and file 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?

Davia and Bill are married and file 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. Use the tax tables to the left to determine their tax.

Davia and Bill are married and file 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.

Do they get a refund?

• Yes

• No

Davia and Bill are married and file 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.

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

Frank worked for Morton Industries for 18 years. His company offered him a flat amount of $48 for each year of service as his monthly pension package. After one year, he was notified of a 1.625% cost of living adjustment to his monthly pension benefit. Determine Frank's current monthly pension benefit.

Mary is retiring after working for Fashionista Limited for 21 years. The company offered her a flat retirement benefit of $50 per month for each year of the first 15 years of service and $65 per month for each year of service thereafter. What was her monthly income in the first year after retirement?