exclusions, deductions, and tax liabilities are based the 2010 tax year. These figures change frequently. The tables
Fantastic news! We've Found the answer you've been seeking!
Question:
The tables with the information you'll need for your
calculations are at the end of this activity.
YOUR ASSIGNMENT:
1. You are a single person with no dependents, earning a
salary of $47,810. You have no adjustments to your income.
Use the information provided to find your taxable income. Use
this equation:
taxable income = gross income - (adjustments + deductions
+ exemptions)
Then find your tax liability. Explain how you found your
answer.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: