Use the Tax Table, Exhibit 18-3, to calculate the tax liability for the following taxpayers earning under $100,000.
Name | Filing Status | Taxable Income | lax Liability | |
10. | Julian | Single | $62,340 | $11,438 |
To calculate: The tax liability for the tax payer Julian whose taxable income is 62,340.
Given Information:
The Person Julian is single and has the taxable income of $62,340.
Calculation:
Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. Tax table is defined as the table which is used to find the income tax for singles whose earnings are less than $100,000.
The followings steps are used to calculate
Step 1: Open the tax table EXHIBIT 18-3 and it is needed to find the line which contains the amount of taxable income...
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