Homework Answers
Interest income is taxable as per IRS. So for Rachelle whole of $45000 is taxable.
A single tax payer is eligible for standard deduction of $1000 per minth so in total of $12,000.
Applicable tax rate = 8.38%
So the 2018 federal income tax = (45000 -12000) x 8.38% = $3769.5
Therefore the answer is Option B.
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