anonymous
  • anonymous
@jim_thompson5910 last two parts! can you please help me?:)
Mathematics
  • Stacey Warren - Expert brainly.com
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schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
jim_thompson5910
  • jim_thompson5910
ok go for it
anonymous
  • anonymous
1 Attachment
jim_thompson5910
  • jim_thompson5910
ok this part is going to use the previous part what was the taxable income from the last part?

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anonymous
  • anonymous
$9,325 :)
jim_thompson5910
  • jim_thompson5910
good, where does that number fall? which tax bracket are you in?
anonymous
  • anonymous
the last one?
jim_thompson5910
  • jim_thompson5910
see in the first column how it says "if your taxable income is...."
jim_thompson5910
  • jim_thompson5910
where does 9,325 fit in?
anonymous
  • anonymous
so we have to "$16,781.25 plus 28% of the excess over $82,400"
jim_thompson5910
  • jim_thompson5910
no, look in the first column tell me which tax bracket 9,325 fits is it the first tax bracket? second? third? or fourth?
anonymous
  • anonymous
fourth one
anonymous
  • anonymous
oh shoot! no no its the second one ahah
jim_thompson5910
  • jim_thompson5910
good catch
jim_thompson5910
  • jim_thompson5910
so what is the rule for this bracket?
anonymous
  • anonymous
$837.50 plus 15% of the excess of $8,375
jim_thompson5910
  • jim_thompson5910
good
jim_thompson5910
  • jim_thompson5910
so first you need to find the difference between 9,325 and 8,375 9325 - 8375 = ???
anonymous
  • anonymous
so 950
jim_thompson5910
  • jim_thompson5910
now take 15% of that to get 15% of 950 = 0.15*950 = ???
anonymous
  • anonymous
142.5?
anonymous
  • anonymous
?
jim_thompson5910
  • jim_thompson5910
good
jim_thompson5910
  • jim_thompson5910
now add that to 837.50
anonymous
  • anonymous
so 980?
jim_thompson5910
  • jim_thompson5910
perfect
jim_thompson5910
  • jim_thompson5910
that's your tax liability
jim_thompson5910
  • jim_thompson5910
that is the official amount you owe to the government now go back to the witholdings chart how much did you pay to the government?
anonymous
  • anonymous
1664.52?
jim_thompson5910
  • jim_thompson5910
so did you overpay? or underpay? or did you pay the perfect amount?
anonymous
  • anonymous
im not sure how do i know?
jim_thompson5910
  • jim_thompson5910
well you paid 1664.52 because the gov withheld this amount but you really only owe 980
anonymous
  • anonymous
oh so overpay
jim_thompson5910
  • jim_thompson5910
yes good
jim_thompson5910
  • jim_thompson5910
that means you'll get a refund the amount of the refund is the difference between what you paid and what you owe
jim_thompson5910
  • jim_thompson5910
Tax Refund = (Amount you paid) - (Amount you owe) Tax Refund = (1664.52 ) - (980) Tax Refund = 684.52
jim_thompson5910
  • jim_thompson5910
If the tax refund is negative, then you still owe the government tax money and you would send this money (probably in the form of a check) along with your filled out tax forms In this case, the refund is positive, which means they will send you a check after the tax form is processed
anonymous
  • anonymous
so is this all for number 1?
jim_thompson5910
  • jim_thompson5910
hmm let me check
jim_thompson5910
  • jim_thompson5910
no not quite
jim_thompson5910
  • jim_thompson5910
#1 is asking about allowances
jim_thompson5910
  • jim_thompson5910
and the federal withholding
anonymous
  • anonymous
how can we figure this out??
jim_thompson5910
  • jim_thompson5910
you already did, when you circled the 2 and highlighted the 1664.52
jim_thompson5910
  • jim_thompson5910
there are 2 allowances (you and the child), which corresponds to a federal withholding of 1664.52
anonymous
  • anonymous
Oh! okay! ahah so what about number 2?
jim_thompson5910
  • jim_thompson5910
#2 is already answered (look above at how we determined if we get a refund or if we still owe tax money)
anonymous
  • anonymous
so what we discussed would be numbers 2 AND 3 actually?
jim_thompson5910
  • jim_thompson5910
you got it
anonymous
  • anonymous
oh gosh now number 4?
jim_thompson5910
  • jim_thompson5910
ok what do you want to change the allowances to?
anonymous
  • anonymous
im not sure? why would i change it?
jim_thompson5910
  • jim_thompson5910
let's say you have another kid or the kid you have lives elsewhere (eg: the kid gets old enough to live on his own)
jim_thompson5910
  • jim_thompson5910
those scenarios would change your allowances
anonymous
  • anonymous
so what should i put for number 4? im still not understanding?
jim_thompson5910
  • jim_thompson5910
I think this is where you can get creative and say "I want another kid, so my allowances go from 2 to 3"
jim_thompson5910
  • jim_thompson5910
then you recalculate your taxes and refund make sense?
anonymous
  • anonymous
so how do i calculate all of that?
anonymous
  • anonymous
so say i have 3 allowences for the first part of number 4
anonymous
  • anonymous
for the second bullet my answer would be $1,109.42?
jim_thompson5910
  • jim_thompson5910
you would then calculate your new federal withholding
anonymous
  • anonymous
how ?
jim_thompson5910
  • jim_thompson5910
use the table from the last part
anonymous
  • anonymous
what do you mean? what table?
anonymous
  • anonymous
@jim_thompson5910
jim_thompson5910
  • jim_thompson5910
remember the table where you circled the 2 and highlighted the 1664.52? it's that table
anonymous
  • anonymous
right so if i had 3 allowances now then the second bullet my answer would be $1,109.42?
jim_thompson5910
  • jim_thompson5910
what do you mean by "second bullet"?
anonymous
  • anonymous
?
jim_thompson5910
  • jim_thompson5910
you said "then the second bullet my answer" what did you mean by "second bullet"?
anonymous
  • anonymous
oh ahah this
anonymous
  • anonymous
1 Attachment
jim_thompson5910
  • jim_thompson5910
oh i see
jim_thompson5910
  • jim_thompson5910
first bullet: the new federal withholding is $1,109.42 (you find this from the table) second bullet: this is where you calculate the new refund third bullet: an explanation as to why the refund changes
jim_thompson5910
  • jim_thompson5910
that's the basic format of your answer
anonymous
  • anonymous
i see but what im saying is how do i calculate all of this?
jim_thompson5910
  • jim_thompson5910
remember how we calculated the refund for the allowance of 2 people?
anonymous
  • anonymous
hold on let me see
anonymous
  • anonymous
ugh im getting so mad :( i dont know...
jim_thompson5910
  • jim_thompson5910
it's ok, don't panic just take things one step at a time
jim_thompson5910
  • jim_thompson5910
what was the tax liability?
anonymous
  • anonymous
for 3 allowences?
jim_thompson5910
  • jim_thompson5910
no don't worry about the allowances for now
jim_thompson5910
  • jim_thompson5910
what was the tax liability?
anonymous
  • anonymous
980?
jim_thompson5910
  • jim_thompson5910
the new withholding is $1,109.42 so what's the new refund?
anonymous
  • anonymous
idk?
jim_thompson5910
  • jim_thompson5910
hint: Tax Refund = (Amount you paid) - (Amount you owe)
anonymous
  • anonymous
$1,109.42 - (unknown) ?
jim_thompson5910
  • jim_thompson5910
amount you owe is the tax liability
anonymous
  • anonymous
idk how to find out how much i owe
jim_thompson5910
  • jim_thompson5910
you just told me the tax liability a few posts ago
anonymous
  • anonymous
what?980?
jim_thompson5910
  • jim_thompson5910
yes good, so it is $1,109.42 - 980 = ???
anonymous
  • anonymous
129.42?
jim_thompson5910
  • jim_thompson5910
so this is the new refund
jim_thompson5910
  • jim_thompson5910
what was the old refund?
anonymous
  • anonymous
684.52
jim_thompson5910
  • jim_thompson5910
good, so clearly the first scenario where you have 2 allowances means you get a higher refund...BUT...you pay more in withholdings so you have a tradeoff going on
anonymous
  • anonymous
"the new amount of your refund from the government or balance owed to the government" how do i figure this out?
jim_thompson5910
  • jim_thompson5910
the new refund is $129.42
jim_thompson5910
  • jim_thompson5910
and you figured it out by saying Tax Refund = (Amount you paid) - (Amount you owe) and then subtracting 1109.42 - 980
anonymous
  • anonymous
oh i gotcha. so now what should i say for this?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. The last refund was 684.52 and my new refund is 129.42.
jim_thompson5910
  • jim_thompson5910
yeah you have to explain why the refund went down
anonymous
  • anonymous
it is because i now have 3 allowences?
jim_thompson5910
  • jim_thompson5910
yes you increased your allowances, which lowered your withholdings and that consequently lowered your refund so you have a pro and a con pro: your withholdings are lower, so you pay less to the government con: your refund is lower, so you receive less money back it's up to you to decide which is better for you
anonymous
  • anonymous
thank you so much you are the biggest help ever!
jim_thompson5910
  • jim_thompson5910
you're welcome, glad to be of help

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