A single man earned wages of $35,200, received $2500 in interest from a savings account, and contributed $3800 to a tax-deferred retirement plan. He was entitled to a personal exemption of $3200 and had deductions totaling $5220.

If his gross income was $37,700, and his adjusted gross income was $33,900 and his taxable income is $25,480.

Use the tax rate, standard deductions, and exemptions table and find taxes owed.

Answer rating: 100% (QA)

Calculation of Taxable Income Wages 35200 Interest ... View the full answer