Question: Explain and calculate the differences resulting from a $ 5 0 0 tax credit versus a $ 5 0 0 tax deduction for a single

Explain and calculate the differences resulting from a $500 tax credit versus a $500 tax deduction for a single taxpayer with $39,000 of pre-tax income. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018. Use Exhibit 3.3 to determine the corresponding tax rate. Round the answers to the nearest cent.
After-tax Income (Tax Deduction)
After-tax Income (Tax Credit)2018 Tax Rate Schedules
Explain and calculate the differences resulting from a $500 tax credit

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