What tax strategies will utilize to pay every penny owe to the government, and not a penny more (for a given level of income of $50000/ year, just graduated from university ,single ).

What strategies will take to reduce taxable income?

  

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Step 3: Determine Tax Liability for 2019 for Single (not HoH) 10% 12% 9,700 22% 39,475 24% 84,200 32% 160,725 35% 204,100 9,700 39,475 84,200 Marginal Tax Rate: Average Tax Rate on Gross Income 160,725 204,100 510,300 970 2,248 Total Tax Liability Step 4: Calculate Tax Due or Tax Refund Family Credits (non-refundable)* Lifetime Learning Credit (non-refund.) Child Tax Credit ( <17, partial. refund.)* American Opport. Credit (Partial)* American Opport. Credit (Partial)* Total Tax Credits / Total Refundable Tax Liability after Credits Amount Withheld (withholdings - including refundable credits) Total Taxes Due (Refund) Maximum Total Credits: Refundable: 500 15,000 10,000 0 2,000 2,000 3,218 2,000 i 1,218 1,218.02 12.00% 2.63% Step 3: Determine Tax Liability for 2019 for Single (not HoH) 10% 12% 9,700 22% 39,475 24% 84,200 32% 160,725 35% 204,100 9,700 39,475 84,200 Marginal Tax Rate: Average Tax Rate on Gross Income 160,725 204,100 510,300 970 2,248 Total Tax Liability Step 4: Calculate Tax Due or Tax Refund Family Credits (non-refundable)* Lifetime Learning Credit (non-refund.) Child Tax Credit ( <17, partial. refund.)* American Opport. Credit (Partial)* American Opport. Credit (Partial)* Total Tax Credits / Total Refundable Tax Liability after Credits Amount Withheld (withholdings - including refundable credits) Total Taxes Due (Refund) Maximum Total Credits: Refundable: 500 15,000 10,000 0 2,000 2,000 3,218 2,000 i 1,218 1,218.02 12.00% 2.63%

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There seems to be some calculation mistake in the image of calculation provided Annual income 500... View the full answer