Samantha is a single taxpayer with a gross income of $70,000 per year. She is eligible to
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Samantha is a single taxpayer with a gross income of $70,000 per year. She is eligible to claim the standard deduction of $12,550 and has no dependents. Samantha makes a $5,000 contribution to her traditional Individual Retirement Account (IRA) and donates $2,000 to charity. Samantha's marginal tax rate is 24%. Calculate Samantha's taxable income and her total tax liability.
Related Book For
Concepts In Federal Taxation 2017
ISBN: 9781305965119
24th Edition
Authors: Kevin E. Murphy, Mark Higgins
Posted Date: