Homework Answers
Explanation:
| Gross Income | $ 74000 |
| Interest Income Bank | $200 |
| AGI | $74200 |
| Less: Standard Deduction | ($12400) |
| Taxable Income | $61,800 |
Tax Schedue For 2019 For single:
| $39476 - $84200. = $4543 + 22% of the amount over $39,475 |
Tax Liability:
= $4543 + ( $61800 - $39 475 × 22%)
=$ 4543 + ( $22 325 × 22%)
= $ 4543 + $4911.5
= $ 9454.5
= $9455 ( after rounding it off)
Note:
( Interest received from bond is tax exempted , therefore its not included in the computation of taxable income.)
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