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CHECK POINT 2 Use the 2016 marginal tax rates in Table 8.1 on page 507 tocalculate the federal tax owed by a single man with no dependents whose grossincome, adjustments, deductions, and credits are given as follows:
Gross income: $40,000
Adjustments: $1000
Deductions: $3000: charitable contributions
$1500: theft loss
$300: cost of tax preparation
Tax credit: none. $3833.75
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