for yourself: Gross Salary: $160,000 Interest Earned: $2,000 IRA Contribution: $5,000 Standard Deduction: $12,400

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 67P
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Question
You determined the following tax information
for yourself:
Gross Salary: $160,000
Interest Earned: $2,000
IRA Contribution: $5,000
Standard Deduction: $12,400
Filing Single, calculate your taxable income
and tax liability.
Taxable Income:
Tax Liability:
Transcribed Image Text:You determined the following tax information for yourself: Gross Salary: $160,000 Interest Earned: $2,000 IRA Contribution: $5,000 Standard Deduction: $12,400 Filing Single, calculate your taxable income and tax liability. Taxable Income: Tax Liability:
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