Question
a. Find the amount of federal income tax he must pay.
b. If Marcus paid
a refund?
no refund and no further payment needed
receives a refund
still owes money
c. Find the amount he still owes or the amount of refund.
b. If Marcus paid
a refund?
no refund and no further payment needed
receives a refund
still owes money
c. Find the amount he still owes or the amount of refund.
Ask by Harmon Wood. in the United States
Mar 24,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
a. Marcus must pay a total of $3,900 in federal income tax for the year.
b. Since Marcus paid $325 in each of his 12 paychecks, totaling $3,900, he does not owe any additional money and does not receive a refund.
c. Marcus neither owes money nor receives a refund; the amount is $0.
Solution
Given that Marcus paid $325 in each of his 12 paychecks for the year, we can calculate the total amount he paid for the year.
a. To find the amount of federal income tax he must pay, we need to calculate the total amount he paid for the year.
b. To determine if Marcus still owes money or receives a refund, we need to compare the total amount he paid for the year with the amount of federal income tax he must pay.
c. If Marcus still owes money, we need to find the amount he still owes. If he receives a refund, we need to find the amount of the refund.
Let’s calculate the total amount Marcus paid for the year:
Total amount paid = $325 * 12
Now, let’s calculate the amount of federal income tax Marcus must pay.
Once we have these values, we can determine if Marcus still owes money or receives a refund and find the amount he still owes or the amount of the refund.
Calculate the value by following steps:
Calculate the value by following steps:
- step0: Calculate:
- step1: Multiply the numbers:
a. The total amount Marcus paid for the year is $3900.
b. To determine if Marcus still owes money or receives a refund, we need to compare the total amount he paid for the year with the amount of federal income tax he must pay.
c. If Marcus still owes money, we need to find the amount he still owes. If he receives a refund, we need to find the amount of the refund.
Let’s calculate the amount of federal income tax Marcus must pay.
The amount of federal income tax Marcus must pay is $3900.
Now, we can determine if Marcus still owes money or receives a refund and find the amount he still owes or the amount of the refund.
Calculate the value by following steps:
Calculate the value by following steps:
- step0: Calculate:
- step1: Subtract the terms:
Since the amount of federal income tax Marcus must pay is equal to the total amount he paid for the year, Marcus does not owe any money and does not receive a refund. Therefore, the answer is:
c. The amount he still owes or the amount of refund is $0.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Simplify this solution The Deep Dive
To find the federal income tax Marcus must pay, we’d typically first need to know his total income, filing status, and applicable deductions. The federal income tax system is progressive, meaning that as your taxable income increases, so does your tax rate. You can refer to the IRS tax brackets for the current year to calculate the specific amount.
Now, for the second part, if Marcus paid
