Personal Finance 1st Edition by Jack R. Kapoor

Exercise 27

Determining a Refund or Taxes Owed. Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? (Obj. 2)

Adjusted gross income, $46,686

Itemized deductions, $11,420

Child care tax credit, $80

Federal income tax withheld, $4,784

Amount for personal exemptions, $7,300

Tax rate on taxable income, 15 percent