Harry and Helen are married, filing jointly. Their combined taxable income is $65,922. Every week, a total of $187 is withheld f
2 answers:
<u>Harry and Helen will receive a refund of $555. </u>
Further explanation:
Tax liability of Harry and Helen:
The total income of the married couple is $65,922. It lies in the income slab of $65,900-65,950. The couple pays $187 weekly for the income tax. Thus, this amount will be deducted from their annual tax liability. The total tax liability for the married couple whose income is between $65,900-65,950 is $9,169.
Thus, the net tax liability of Harry and Helen is $555.
Justification for the correct and incorrect option:
a.
Harry and Helen will owe an additional $193: This is an incorrect option because the couple has more withhold amount than their actual tax liability.
b.
Harry and Helen will owe an additional $3,104: This is an incorrect option because the couple has more withhold amount than their actual tax liability.
c.
Harry and Helen will receive a refund of $724: This is an incorrect option because their actual tax refund will not be $724.
d.
Harry and Helen will receive a refund of $555: This is the correct option because the actual refund will be $555 as per above calculation.
Thus, option (d) is correct. Harry and Helen will receive a refund of $555.
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Answer details:
Grade: Senior School
Subject: Taxation
Chapter: Income tax
Keyword: Harry and Helen are married, filing jointly, their, combined, taxable, income, every week, a total, withheld, from, their, pay, based, the table below, expect, their, taxes.
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