Compute the tax and the tax refund, Accounting Basics

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Compute the tax and the tax refund

Problem: Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use 2023 tax law.

Use these instructions: 2023 Instruction 1040 (irs website).

1. Andy and Sally are married and under 50. They have 3 children 7,9 and 11years of age.

Sally's salary (Federal withholding $3,000) 60,000

Andy's salary (Federal withholding $3,000) 45,000

Take a standard deduction, consider child tax credit, and compute their tax and the tax refund or balance due:

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Accounting Basics: Compute the tax and the tax refund

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Accounting Basics: Compute the tax and the tax refund

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