Please assist me with the attached problem. Problem 1 of Appendix F. I will attach the problem and my work so far. I am having great difficulty completing problem 1, I do not understand this at all. The answer is supposed to be $667, but I can not figure it out. Can you please assist me?
Your analysis does not take into account all aspects of the tax return. For example, you don't account for the bonuses received by Dan nor the self employment income and tax liabilities for Irene with her freelance ...
You will find the answer to this puzzling question inside... including details provided in an excel spreadsheet.