Explore BrainMass

Explore BrainMass

    Calculating an Individual's Tax Liability

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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 June 4, 2020, 1:21 am ad1c9bdddf
    https://brainmass.com/business/accounting/calculating-individuals-tax-liability-394461

    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.

    $2.19

    ADVERTISEMENT