In 2020, Mason, age 35 and single, earned wages of $75,000. Mason had no exclusions, and he had adjustments of $1,000. Mason’s itemized deductions for the year totaled $11,000. Mason has no QBI (and thus no QBI deduction). Mason's employer withheld federal income taxes of $5,000 from Mason's paychecks, and Mason is also entitled to an additional $2,500 tax credit. Mason’s AGI is $74,000. What is Mason’s taxable income?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 28P
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In 2020, Mason, age 35 and single, earned wages of $75,000. Mason had no exclusions, and he had adjustments of $1,000. Mason’s itemized deductions for the year totaled $11,000. Mason has no QBI (and thus no QBI deduction). Mason's employer withheld federal income taxes of $5,000 from Mason's paychecks, and Mason is also entitled to an additional $2,500 tax credit. Mason’s AGI is $74,000.

What is Mason’s taxable income?

AND

Using the 2020 single tax rates schedule, what is Mason’s federal income tax liability after withholding and tax credits (i.e. the amount due/amount Mason needs to pay)?

 
 
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