Math Problem Statement

Robson and Mary have 3 dependent children and earn a gross biweekly salary of 4,963.They will also make the following tax-deductible purchases:• Medical expenses: 6,026 • Educational expenses: 6,550When they file their taxes jointly, what will their tax refund be?Use the following information:• Standard deduction for married couples: 27,700 2023 Married Individuals Filing Joint Returns and Surviving Spouses • Biweekly allowance: 165.38 per person2023 Married Person Biweekly Withholding TableFor your final answer proceed as:Annual Income Tax Pay/Refund = Total Annual Withholding - Final Income Tax.If Taxable Income is Between:The Tax Due is:0 - 22,00010% of taxable income22,001 - 89,4502,200 plus 12% of the amount over 22,00089,451 - 190,75010,294 plus 22% of the amount over 89,450190,751 - 364,20032,580 plus 24% of the amount over 190,750364,201 - 462,50074,208 plus 32% of the amount over 364,200462,501 - 693,750105,664 plus 35% of the amount over 462,500693,751 or inore 186,601.50 plus 37% of the amount over 693,750 Taxable Wages Wages Withholding 0 - 1,123 0.001,123 - 2,0150.00 plus 10% of amount exceeding 1,1232,015 - 4,75089.20 plus 12% of amount exceeding 2,0154,750 - 8,856417.40 plus 22% of amount exceeding 4,7508,856 - 15,8881,320.72 plus 24% of amount exceeding 8,85615,888 - 19,8713,008.40 plus 32% of amount exceeding 15,88819,871 - 29.2464,282.96 plus 35% of amount exceeding 19,87129.246 or more 7,564.21 plus 37% of amount exceeding 29,246 For your final answer proceed as: Annual Income Tax Pay/Refund = Total Annual Withholding - Final Income Tax. If the couple has to pay the gevernment, type the number with a negative sign. For example -325. If the couple has to receive a refund from government, type the number without sign. For example 325. Round your answer to the nearest dollar.

Solution

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Math Problem Analysis

Mathematical Concepts

Arithmetic
Tax Calculations
Income Deduction
Percentage Calculations

Formulas

Annual Income = Biweekly Salary × 26
Taxable Income = Annual Income - (Standard Deduction + Tax-Deductible Purchases)
Tax = Base Tax + Percentage × (Taxable Income - Lower Bracket Limit)
Annual Income Tax Pay/Refund = Total Annual Withholding - Final Income Tax

Theorems

Progressive Tax Bracket Calculation

Suitable Grade Level

Grades 11-12