Question

Bruce's taxable income is $30,176. He is filing as single, and he has already paid $4526 in federal taxes. What will he receive or pay after he figures his taxes for the year?

Answer 1

Answer: He will receive a refund of $435

Explanation:

His taxable income is $30,176. That’s between 30,150 and 30,200 and since he filed as single the tax is 4,091.

4526-4091=$435

Answer 2

He will receive $30,641.85 = $30,176 + $465.85 (tax excess payment)

Since his filing status is single, he'll be taxed based on the single tax rate schedule. 10% for $1 to $9,325. 15% for $9,326 to $37,950.

9,325 x 10% = 932.50
30,176 - 9325 = 20,851 x 15% = 3,127.65

His total tax is 3,127.65 + 932.50 = 4,060.15; Since he paid 4,526 in federal taxes, 4,526 - 4,060.15 = 465.85 will be reimbursed.

Add his taxable income and the reimbursement to get the total amount he will receive for that year.

$30,176 + $465.85 = $30,641.85