Barry has prepared the following 2018 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.
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$\begin{array}{lr}
\text { Salary } & \$ 37,200 \
\text { Bank Interest } & \underline{750} \
\text { Taxable Income } & \$ 37,950 \
\text { Tax on } \$ 37,950 @ 12 \% & \$ 4,554 \
\text { Income tax liability } & \$ 4,554 \
\text { Withheld income tax } & \underline{4,800} \
\text { Balance due } & \$ 246
\end{array}$

Identify the errors, if any, in Barry's income tax estimate.
Additional calculations are not required.
?
?
?

Question

Barry has prepared the following 2018 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.
?
 $\begin{array}{lr}
\text { Salary } & \$ 37,200 \
\text { Bank Interest } & \underline{750} \
\text { Taxable Income } & \$ 37,950 \
\text { Tax on } \$ 37,950 @ 12 \% & \$ 4,554 \
\text { Income tax liability } & \$ 4,554 \
\text { Withheld income tax } & \underline{4,800} \
\text { Balance due } & \$ 246
\end{array}$
 
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 2018 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.
?
 $\begin{array}{lr}
\text { Salary } & \$ 37,200 \
\text { Bank Interest } & \underline{750} \
\text { Taxable Income } & \$ 37,950 \
\text { Tax on } \$ 37,950 @ 12 \% & \$ 4,554 \
\text { Income tax liability } & \$ 4,554 \
\text { Withheld income tax } & \underline{4,800} \
\text { Balance due } & \$ 246
\end{array}$
 
Identify the errors, if any, in Barry's income tax estimate.
Additional calculations are not required.
?
?
?

Barry Has Prepared the Following 2018 Income Tax Estimate for His