x
Info
x
Warning
x
Danger
 / 
 / 
 / 
A single young person had an adjustable gross income (AGI)

Question : A single young person had an adjustable gross income (AGI) : 148565

A single young person had an adjustable gross income (AGI) of68,000$ and allowable itemized deductions of 5,000$ in 2012.Compute the 2012 federal income tax:

Personal exemption= 3,800$/Per Person

SD- Standard Deduction= 5,950$

Tax Rate

10%----- Up to 8,700$

15%----- 8,701-35,350$

25%----- 35,351-85,650$

28%----- 85,651-178,650$

33%-----178,651-388,350$

35%------ Over 388,351$

Please show formulas and clear step by step process!

Solution
5 (1 Ratings )

Solved
Database 2 Years Ago 140 Views
This Question has Been Answered!
Unlimited Access Free
Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!
Ask an Expert
Our Experts can answer your tough homework and study questions
43541 Database Questions Answered!
Post a Question