Instructions Overview In this assignment you will complete a "real world\" problem using income taxes as an example. The Midterm Assignment is worth 50 points. Specific instructions for this assignment are found in the Assignments section of the appropriate Module in Content. Outcome 10 Instructions For this assignment we will be looking at personal income taxes. In 2017 it was normal to be able to have \"deductions\" and a \"personal exemption" deducted from one's total income before determining their taxable income. For the purposes of this activity, we will consider on|\\_.r a \"single\" filing status. In 2017, the standard deduction was $6,350 and the personal exemption was 54,050. So, an individual who brought in a total income of 530,000 would have to pay taxes on 519,600 ($30,000-$6,350-$4050). The $19,600 represents their taxable income. Note: Taxable Income refers to income after accounting for the standard deduction and personal exemption. Total Income refers to income prior to the standard deduction and personal exemption