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Problem regarding the standard deduction

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Q: It's tax time and you need to prepare your tax return.

You had gross earnings of $140,000 this year. You contributed $12,000 to your 401(k) retirement fund and paid $9,600 in medical premium. You get paid monthly and had $2,400 withheld from each check to go towards your taxes.

You are single, using the standard deduction and have 2 personal exemptions.

Do you owe money or are you getting an refund?  In either case, what is the amount?

Reference no: EM131455668

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