$150 $10.000 $200 The purpose of this installment is to determine the amounts to include in and exclude from income for income tax purposes, determine the amount of tax refund or amount due to the IRS, and to identify strategies to reduce income taxes. You will assume that the following facts (in alphabetical order) represent your income tax related activity as a single filer in your Capstone lifestyle: Category Amount Bank interest income received $500 Car pool income received Charitable contributions paid $2.500 Inheritance from relative received Juror fee received Life insurance beneficiary amount received Mortgage Interest pald $4,500 Municipal bond interest received Personal property taxes paid license tabs) $175 Property tax payments (residence) $2.900 Standard Deduction - Single $12.000 taxpayer State of Michigan income taxes paid box 17 $1.100 $800 see Form W2 State of Michigan unemployment received $1,300 Wages download W2 form Requirements: 1. Compute the amount of income refund or amount owed and show all of your work. When viewing the example in the book, note that as indicated in the first page of this module. step 5 of the "8 Steps in Calculating Your Income Taxes" is no longer in effect based on 2018 tax reform. This means that there is no personal exemption to subtract in determining taxable income. You will only subtract the greater of the standard deduction or the total for your itemized deductions from the amount of taxable income. Once you have determined taxable income. use the following partial tax table to determine the total amount of tax liability. (20 points) Single filer taxable income in $150 $10.000 $200 The purpose of this installment is to determine the amounts to include in and exclude from income for income tax purposes, determine the amount of tax refund or amount due to the IRS, and to identify strategies to reduce income taxes. You will assume that the following facts (in alphabetical order) represent your income tax related activity as a single filer in your Capstone lifestyle: Category Amount Bank interest income received $500 Car pool income received Charitable contributions paid $2.500 Inheritance from relative received Juror fee received Life insurance beneficiary amount received Mortgage Interest pald $4,500 Municipal bond interest received Personal property taxes paid license tabs) $175 Property tax payments (residence) $2.900 Standard Deduction - Single $12.000 taxpayer State of Michigan income taxes paid box 17 $1.100 $800 see Form W2 State of Michigan unemployment received $1,300 Wages download W2 form Requirements: 1. Compute the amount of income refund or amount owed and show all of your work. When viewing the example in the book, note that as indicated in the first page of this module. step 5 of the "8 Steps in Calculating Your Income Taxes" is no longer in effect based on 2018 tax reform. This means that there is no personal exemption to subtract in determining taxable income. You will only subtract the greater of the standard deduction or the total for your itemized deductions from the amount of taxable income. Once you have determined taxable income. use the following partial tax table to determine the total amount of tax liability. (20 points) Single filer taxable income in
