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Based on the following information, what are the taxable income and the tax liability for a single individual? *Total income $118,000 *Excludable income 2,000 *Deductions for adjusted gross income 2,500 *Deductions from adjusted gross income 8,000

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sebastiansierraocm

Answer:

$29,760

Explanation:

We substract all the following quantities.

Total Income - Excludable Income - Deductions for Adjusted Gross Income:

$118,000 - $2,000 - $2,500 = $113,500

This figure is the Adjusted Gross Income. Now we substract the deductions from adjusted gross income to obtain the taxable income.

$113,500 - 8,800 = $124,000

Finally, we multiply this figure by 24% to obtain the tax liablity

$124,000 x 0.24 = $29,760

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