Explain and calculate the differences resulting from a $$500$ tax credit versus a $$500$ tax deduction for a single taxpayer with $$39,000$ of pre$-$tax income. The standard deduction in $2018$ was $$12,000$ for single. Note that personal exemptions were suspended for $2018.$ Use Exhibit $3\mathrm{.}3$ to determine the corresponding tax rate. Round the answers to the nearest cent.

After$-$tax Income $($Tax Deduction$)$

After$-$tax Income $($Tax Credit$)2018$ Tax Rate Schedules