Question

Use the 2012 marginal tax rates in the table below to compute the tax owed by the following persa single female, no dependent
Standard Deduction $5950 on Exemptions Kper $3800 person) $5950 VIDEO $11,900 $8700 $3800 $3800 $3800 a. Determine the adjust
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Answer #1
Gross Income $ 75,000.00
Less: Adjustments $ (4,000.00)
Adjusted Gross Income $         71,000.00
Less:
Exemption $   3,800.00
Deductions (28000+4200+3000) (Standard deduction or Itemized Deduction whichever is greater) $ 35,200.00 $       (39,000.00)
Taxable Income $         32,000.00
Tax liability
Tax Computation = 10% x 8700 + 15% x (32000 - 8700) $   4,365.00
Income Tax = Tax Computation - Credits
Income Tax = 4365 - 0 $   4,365.00
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