Laura takes the following deductions from income when filing her
taxes:
charity: $4,000 mortgage interest: $12,200
property tax: $4,090
If she paid the estimate found above, how much will her refund be?
income tax rate is 28%
Well, Laura seems to be quite the generous person with her charity deduction! I hope she donated to a good cause. As for her mortgage interest and property tax deductions, I guess Laura is pretty invested in her home.
Now, let's get down to business. To calculate Laura's refund, we first need to determine her taxable income. We can do this by subtracting her deductions from her income.
Income: [insert Laura's income here]
Charity deduction: $4,000
Mortgage interest deduction: $12,200
Property tax deduction: $4,090
Now, let's calculate Laura's taxable income.
Taxable income = Income - Deductions
= [insert Laura's income here] - ($4,000 + $12,200 + $4,090)
Hmm, unfortunately, I don't have all the information needed to provide you with an exact refund amount. If you let me know Laura's income, I'd be happy to give it another shot!
To calculate Laura's refund, we first need to determine her taxable income by subtracting her deductions from her income.
Given that Laura's deductions are as follows:
- Charity: $4,000
- Mortgage interest: $12,200
- Property tax: $4,090
Her total deductions amount to $4,000 + $12,200 + $4,090 = $20,290.
Next, we subtract the total deductions from her income to find her taxable income. However, you haven't provided Laura's income. Please provide her income so we can continue with the calculation.
To calculate Laura's refund, we need to determine her taxable income and the amount of tax she owes. Here's how we can do it step by step:
1. Add up Laura's deductions:
Charity: $4,000
Mortgage interest: $12,200
Property tax: $4,090
Total deductions: $4,000 + $12,200 + $4,090 = $20,290
2. Subtract the total deductions from Laura's income to get her taxable income.
Let's assume Laura's income is X.
Taxable income = X - Total deductions
3. Calculate the amount of tax owed:
Multiply Laura's taxable income by the income tax rate of 28%, and convert it to a decimal by dividing by 100.
Tax owed = Taxable income * (Income tax rate / 100)
Tax owed = (X - $20,290) * 28/100
4. Finally, calculate Laura's refund:
Her refund will be the difference between the tax owed and the amount she paid in taxes.
Refund = Tax owed - Amount paid in taxes
Keep in mind that the question does not provide information about the amount Laura paid in taxes, so it is impossible to determine her refund without that information.