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Chen, a single taxpayer, had the following income and deductions during 2018: Salary $55,000 Interest on bank account 750 Tax-exempt interest 500 Deduction for AGI
Chen, a single taxpayer, had the following income and deductions during 2018:
Salary $55,000
Interest on bank account 750
Tax-exempt interest 500
Deduction for AGI 5,500
Itemized deductions 15,000
Taxes withheld 5,500
Calculate Chen's tax liability due or refund.
- $1,010.50 tax liability.
- $1,010.50 refund.
- $705.50 tax liability. D) $705.50 refund.
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