This is the first of a series. If you like to Crunch the Numbers, you may want to try the sequel: Crunching the Numbers II
Gertie and Baxter called their tax preparer and asked: "Would you tell us how much we can expect for our Federal Tax Refund? It's been a great winter for skiing and we are heading west on a ski trip in the California Sierras next month. We were wondering if we have enough of a refund that we could take a short sidetrip to Las Vegas.
Here are the details:
W2 Wages - $47,760.25
"Unqualified" Dividends $826.38
Filing Jointly with no dependents
Gertie and Baxter are both under 65
Federal Taxes Withheld- $4,301.95
Election Duty Compensation - $175.00
Estimated Tax Payments - $600.00
Use Standard Deduction Amount
Making Work Pay Credit - $800.00
Bank Interest- 291.44
IRA Deduction - $4,000.00
Round all numbers to the nearest whole dollar before applying any calculations.
Consider only the information given, no assumptions are necessary.
Use the 2009 Form 1040 booklet for any forms and the tax tables you may need to calculate their tax and refund.
For the North Coordinate: Determine Taxable Income $ab,cde Use N42° ab.cde
For the West Coordinate: Figure the Refund Amount $ m,nop then multiply by 6 to arrive at $ vw,xyz Use W71° vw.xyz
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||BluEyz and Bugsy
Form 1040 Instruction Booklet for 2009 (PDF Format)
Form 1040 for 2009 (PDF Format)