Barry has prepared the following 2013 income tax estimate for his sister,Sylvia.Sylvia is single,age 32,and has no children.Sylvia is an employee of General Motors and rents an apartment.Her only investment is a savings bank account.
$\begin{array}{lr}
\text { Salary } &\$ \quad37,200 \
\text { Bank interest } & \underline {\quad\quad750}\
\text { Taxable income } &{\$\quad 37,950} \
\
\text { Tax on first } \$ 36,250&\$\quad 4,991.25 \
\text { Tax on next } \$ 1,700 &\$\quad 55.00 \
\text { Income tax liability } &\$\quad 546.25 \
\text { Withhel d income tax } & \underline {4,800.00} \
\text { Balance due } & \underline{\$ \quad 446.25} \
\end{array}$
Identify the errors,if any,in Barry's income tax estimate.Additional calculations are not required.

Question

Barry has prepared the following 2013 income tax estimate for his sister,Sylvia.Sylvia is single,age 32,and has no children.Sylvia is an employee of General Motors and rents an apartment.Her only investment is a savings bank account.
 $\begin{array}{lr}
\text { Salary } &\$ \quad37,200 \
\text { Bank interest } & \underline {\quad\quad750}\
\text { Taxable income } &{\$\quad 37,950} \
\
\text { Tax on first } \$ 36,250&\$\quad 4,991.25 \
\text { Tax on next } \$ 1,700 &\$\quad 55.00 \
\text { Income tax liability } &\$\quad 546.25 \
\text { Withhel d income tax } & \underline {4,800.00} \
\text { Balance due } & \underline{\$ \quad 446.25} \
\end{array}$ 
Identify the errors,if any,in Barry's income tax estimate.Additional calculations are not required.

Quizplus · Accepted Answer

The Answer of Barry has prepared the following 2013 income tax estimate for his sister,Sylvia.Sylvia is single,age 32,and has no children.Sylvia is an employee of General Motors and rents an apartment.Her only investment is a savings bank account.
 $\begin{array}{lr}
\text { Salary } &\$ \quad37,200 \
\text { Bank interest } & \underline {\quad\quad750}\
\text { Taxable income } &{\$\quad 37,950} \
\
\text { Tax on first } \$ 36,250&\$\quad 4,991.25 \
\text { Tax on next } \$ 1,700 &\$\quad 55.00 \
\text { Income tax liability } &\$\quad 546.25 \
\text { Withhel d income tax } & \underline {4,800.00} \
\text { Balance due } & \underline{\$ \quad 446.25} \
\end{array}$ 
Identify the errors,if any,in Barry's income tax estimate.Additional calculations are not required.

Barry Has Prepared the Following 2013 Income Tax Estimate for His