Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

Exercise 9

Xavier and his wife Maria have total W-2 income of $97,792. They will file their tax return married filing jointly. They had a total of $12,386 withheld from their paychecks for federal income tax purposes. Using the tax tables, determine the amount of refund or additional tax due upon filing their tax return. Indicate whether the amount is a refund or additional tax.