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    Calculating an Individual's Tax Liability

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    Chris, a single taxpayer, had the following income and deductions during 2010?

    Salary $55,000
    Interest on bank account 300
    Tax-exempt interest 200
    Deduction for AGI 4,000
    Itemized deductions 8,000
    Taxes withheld 6,500

    Calculate Chris's tax liability or refund for 2010.

    © BrainMass Inc. brainmass.com March 4, 2021, 11:06 pm ad1c9bdddf

    Solution Preview

    Chris's tax refund will be $1,50, calculated as follows:

    Salary $55,000
    Interest on bank account 300
    Gross ...

    Solution Summary

    This solution illustrates how to calculate an individual taxpayer's income tax liability.