Based on the following information, what are the taxable income and tax liability for a single individual?
Question:
Based on the following information, what are the taxable income and tax liability for a single individual?
Total income......................................$118,000
Excludable income.............................. 2,000
Deductions for adjusted gross income....... 2,500
Deductions from adjusted gross income..... 8,000
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The taxable income for a single individual is 101500 in 2015 ...View the full answer
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Douglas Makokha
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Related Book For 
Concepts In Federal Taxation 2016
ISBN: 9781305585133
23rd Edition
Authors: Kevin Murphy, Mark Higgins
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