Question

1. dane and loris taxable income from line 39 of form 1040 is $98,940. according to the tax tables, they owe $13,643. danes job withheld $7,499 from his paychecks, and loris job withheld $8,321 from her paychecks. how big is their refund?

$3,177
$2,500
$2,177
$2,277

Explanation:

Step1: Calculate total withheld amount

First, we need to find the total amount withheld from Dane's and Lori's paychecks. Dane's withholding is $7,499 and Lori's is $8,321. So we add these two amounts: $7,499 + $8,321.
$7,499 + $8,321 = $15,820

Step2: Calculate the refund

The refund is the total withheld amount minus the tax owed. The tax owed is $13,643. So we subtract the tax owed from the total withheld: $15,820 - $13,643.
$15,820 - $13,643 = $2,177

Answer:

$2,177 (corresponding to the option with this amount)