In 2016 Rita Is Divorced with One Child

question 93

Multiple Choice

In 2016 Rita is divorced with one child.She has AGI of $20,000 resulting in a federal income tax liability of $260 and an earned income credit of $3,137.She has had $550 of federal income taxes withheld from her pay.Rita will receive a federal income refund of

• A)$550.
• B)$325.
• C)$3,137.
• D)$3,427.

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Definitions:

Budgeting

The process of creating a plan to spend your money over a certain period, involving the balancing of income against expenditures.