Income Tax · Example 9
Emmanuel is preparing his taxes. His W-2 from work shows gross income for the year of $95,250. He also has a 1099-MISC for some freelance art work he did, amounting to $7,500. Emmanuel also deposited $4,500 into a tax-deferred retirement plan. He paid $7,920 in mortgage interest for the year and $3,740 in property taxes. He also qualified for $4,000 in child tax credits. Based on this information, how much tax does Emmanuel owe or how much does he get in a refund?
OpenStax, Contemporary Mathematics · §6.13 Income Tax · Example 9
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