A married couple decides to file taxes jointly. They have a combined income of $175,000 as a kindergarten teacher and a marketing associate. They have two children under the age of 17. They also have rental property which provides net income of $5,000 a year. They have a high deductible health plan, so contribute $7,000 a year to their health savings account.
1. Locate the most current tax bracket table and determine which tax bracket this family will be in.
2. Visit a tax calculator website.
3. Use the website to estimate the refund the family will receive. 4. Turn in the printed report and this sheet to your instructor.