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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 74
Calculate the amount of tax refund or tax owed for the following taxpayers.
Bob Paris is the promotions director for Power 105, a local radio station. He is single and claims two exemptions. Last year Bob earned a salary of $2,450 per month from the station and received a $3,500 Christmas bonus. In addition, he earned royalties of $3,250 from a song he wrote, which was recorded and made popular by a famous musical group. Bob's itemized deductions amounted to $1,850, and he is entitled to a tax credit of $1,765. If the radio station withheld $325 per month for income tax, what is Bob's:
a. Adjusted gross income
b. Taxable income
c. Tax liability
d. Is Bob entitled lo a refund, or does he owe additional taxes How much
Bob Paris is the promotions director for Power 105, a local radio station. He is single and claims two exemptions. Last year Bob earned a salary of $2,450 per month from the station and received a $3,500 Christmas bonus. In addition, he earned royalties of $3,250 from a song he wrote, which was recorded and made popular by a famous musical group. Bob's itemized deductions amounted to $1,850, and he is entitled to a tax credit of $1,765. If the radio station withheld $325 per month for income tax, what is Bob's:
a. Adjusted gross income
b. Taxable income
c. Tax liability
d. Is Bob entitled lo a refund, or does he owe additional taxes How much
Explanation
Verified
Verified
BP is the promotions director for P
, ...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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