From the course: Finance Foundations: Income Taxes

Unlock the full course today

Join today to access over 22,600 courses taught by industry experts or purchase this course individually.

Joint Form 1040: Additional tax payment or tax refund

Joint Form 1040: Additional tax payment or tax refund

From the course: Finance Foundations: Income Taxes

Start my 1-month free trial

Joint Form 1040: Additional tax payment or tax refund

“

- We have computed thatthe tax on Ramona and Kay's - We have computed that the tax on Ramone and Kay's taxable income taxable income of $59,000 is $6,699. of 59 thousand dollars is $6699. Now we will see if they have any tax credits, And there are a variety of taxcredits that are available. and there are a variety of tax credits that are available. Remember that a tax creditis a direct reduction Remember that a tax credit is a direct reduction in the amount of tax that Ramone in the amount of tax thatRamona and Kay must pay. and Kay must pay. So if they get a 100 Dollar tax credit So, if they get a $100 tax credit, the amount of tax that they pay is reduced the amount of tax they pay is reduced from $6699 to $6599. from $6,699 to $6,599. The most common tax credit,and one that is applicable The most common tax credit, and one that is applicable to the Ramone and Kay here to Ramona and Kay here,is the child tax credit. is the child tax credit. Remember when Ramona andKay were listing…

Contents