Harry and Helen are married, filing jointly. Their combined taxable income is $65,922. Every week, a total of $187 is withheld from their pay. Based on the table below, what can Harry and Helen expect when their taxes are due?
a.Harry and Helen will owe an additional $193.b.Harry and Helen will owe an additional $3,104.c.Harry and Helen will receive a refund of $724.d.Harry and Helen will receive a refund of $555. explain please

The total income of the married couple is $65,922. It lies in the income slab of $65,900-65,950. The couple pays $187 weekly for the income tax. Thus, this amount will be deducted from their annual tax liability. The total tax liability for the married couple whose income is between $65,900-65,950 is $9,169.

[tex]\begin{aligned}\text{Due Tax Liability}&=\text{Total Tax Liability}\\&\:\:\:\:\:-(\text{Weekly withheld amount}\times{\text{Number of weeks in a year}})\\&=\$9,169-(\$187\times{52})\\&=\$555\end{aligned}[/tex]

Thus, the net tax liability of Harry and Helen is $555.

Justification for the correct and incorrect option:

a.

Harry and Helen will owe an additional $193: This is an incorrect option because the couple has more withhold amount than their actual tax liability.

b.

Harry and Helen will owe an additional $3,104: This is an incorrect option because the couple has more withhold amount than their actual tax liability.

c.

Harry and Helen will receive a refund of $724: This is an incorrect option because their actual tax refund will not be $724.

d.

Harry and Helen will receive a refund of $555: This is the correct option because the actual refund will be $555 as per above calculation.

Thus, option (d) is correct. Harry and Helen will receive a refund of $555.

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Answer details:

Grade: Senior School

Subject: Taxation

Chapter: Income tax

Keyword: Harry and Helen are married, filing jointly, their, combined, taxable, income, every week, a total, withheld, from, their, pay, based, the table below, expect, their, taxes.