Mr. John earns an annual salary of $60,000. He pays a flat tax rate of 20% on
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Mr. John earns an annual salary of $60,000. He pays a flat tax rate of 20% on his salary. In addition, he makes $10,000 in interest income from a savings account. He also has $5,000 in allowable deductions. What is his total tax liability for the year? Show all calculations and round your final answer to the nearest dollar.
Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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