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Back to Income Taxes

Exercise 15

Avg difficulty 2.5

Determine the amount of taxes owed or the refund that would result in this situation:

  • Filing Status: Married filing jointly

  • Gross Income: $135,000

  • Adjustments: $5,600

  • Itemized Deductions: $19,400

  • Credits: $15,000

    1. What is their adjusted gross income (AGI)?

    2. Should they itemize or take the standard deduction?

    3. Use the simplified 2018 tax tables to determine their taxes.

    4. What is their final tax refund or amount still owed?

Lee et al., Math in Society, §2.5 Income Taxes, Exercise 15

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.