Question
Assume that Ronald is a single taxpayer, with gross income of $44,000 for the 2017 tax year. He has $6,000 deductions for AGI, and will
Assume that Ronald is a single taxpayer, with gross income of $44,000 for the 2017 tax year. He has $6,000 deductions for AGI, and will take the Standard Deduction of $6,350, and has only 1 personal exemption (there are no qualifying dependents) which is $4,050. After using the tax tables, the tax liability is $3,663.75. There are $3,400 of tax credits, $0 of other taxes, and $0 of tax payments already made. Furthermore, there are no refundable credits. What is Ronald;s potential tax due or tax refund? A. $270.75 B. $263.75 C. $27,600 D. $3,663.75
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