Dok Chapter 3 Financial Planning Exercise ffect of tax credit versus tax exemption Elan and calculate the differences reshing from a $2,000 fax credit versus a $2,000 tax deduction for a single taxpayer with $45,000 of 4-tax incans. The standard debut in 2018 w 12,000 for sings Note that personal exemption were spended for 2018 Exibit 33 to delete the ending tax fale. Found the aniwers to the reco eta income Tax Deduct) After tax Income (tax Creat) Grade it Now Save & Continue Continue without saving EXHIBIT 3.3 2018 Tax Rate Schedules Single Taxable Income Tax Rate $0-$9,525 10% of taxable income $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $952.50 plus 12% of the amount over $9,525 $4,453.50 plus 22% of the amount over $38,700 $14,089.50 plus 24% of the amount over $82,500 $32,089.50 plus 32% of the amount over $157,500 $45,689.50 plus 35% of the amount over $200,000 $150,689.50 plus 37% of the amount over $500,000 $500,001 or more Back to Assignment Attempts O 1 6. Ch03 Financial Planning Exercise 4 eBook Chapter 3 Financial Planning Exercise 4 Effect of tax credit versus tax exemption Explain and calculate the differences resulting from a $2,000 tax credit versus a $2,000 tax deduction for a single taxpayer with $45,000 of pre-tax Income. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018. Use Exhibit 3.3 to determine the corresponding tax rate. Round the answers to the nearest cent. After-tax Income (Tax Deduction) After-tax Income (Tax Credit) Keep the Highest 1 /2