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.
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Solution Summary
This solution illustrates how to calculate an individual taxpayer's income tax liability.
Solution Preview
Chris's tax refund will be $1,50, calculated as follows:
Salary $55,000
Interest on bank account 300
Gross ...
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