Homework SourseDo the Math 41 Calculate Tax Liability What would be the tax
Do the Math 4-1
Calculate Tax Liability
What would be the tax liability for a single taxpayer who has a gross income of $100,630? (Hint: Use Table 4-3, and don\'t forget to subtract the value of a standard deduction and one exemption.) Round your answer to the nearest dollar.
Solution
Gross income (A) = $100,630
Standard deduction (B) = $6,350
Personal Exemption (C) = $4,050
Taxable income (A-B-C) =$90,230
Tax liability = $18,340 (Taxable income is in the last bracket of $90,250 - $90,300)
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