Asked Jan 15, 2020

Hello! I am struggling with a homework problem of mine. It is from my concepts in federal taxation text book.  They are asking what the taxable income and tax liability for a single individual is. They gave me this information:

Total income : 118,000

Exculdable income: 2,000

Deductions for adjusted gross income: 2,500

Deductions from adjusted gross income: 8,000

Any help would be appreciated! 


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Step 1

Taxable Income: The amount of adjusted gross income that is lia...

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