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Q: tax question ( Answered 4 out of 5 stars,   0 Comments )
Subject: tax question
Category: Business and Money > Accounting
Asked by: newbbie-ga
List Price: $10.00
Posted: 30 Sep 2005 08:46 PDT
Expires: 30 Oct 2005 07:46 PST
Question ID: 574639
married file joint return..

one dependent child
salary ot the two 42000
interst bank 2100
tax with held 2000

compute the tax?

I figured they owed 9 dollars,,,...any thoughts
Subject: Re: tax question
Answered By: efn-ga on 30 Sep 2005 21:18 PDT
Rated:4 out of 5 stars
Hi newbbie,

I entered your data in the TurboTax 2004 computer program and got a
balance due of $54.

Adjusted gross income     44,100
Less standard deduction    9,700
Less personal exemptions   9,300
Taxable income            25,100

Income tax                 3,054
Child tax credit           1,000
Tax withheld               2,000
Balance due                   54

You didn't give enough information to confirm that the couple would be
eligible for the child tax credit, so I just assumed that they would. 
For the requirements for that credit, see Tax Tip 2005-46 on the
Internal Revenue Service website.,,id=106182,00.html

The income tax number came from the 2004 Tax Table.

Standard disclaimer:  Google Answers does not provide professional tax advice.

I hope this is a satisfactory answer to your question.

newbbie-ga rated this answer:4 out of 5 stars

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