Based on the following information, what are the taxable income and tax liability for a single individual?
Question:
Total income ........... $103,000
Excludable income ........... 2,000
Deductions for adjusted gross income .... 2,500
Deductions from adjusted gross income .. 8,000
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The taxable income for a single individual is 86800 i...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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