exclusions, deductions, and tax liabilities are based the 2010 tax year. These figures change frequently.
The tables with the information you'll need for your
calculations are at the end of this activity.
YOUR ASSIGNMENT:
1. You are a single person with no dependents, earning a
salary of $47,810. You have no adjustments to your income.
Use the information provided to find your taxable income. Use
this equation:
taxable income = gross income - (adjustments + deductions
+ exemptions)
Then find your tax liability. Explain how you found your
answer.