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Individual taxpayer has an adjusted gross income of $50,000 as of December 31, 2021. Taxpayer is single, has one (1) dependent and their deductions applicable
Individual taxpayer has an adjusted gross income of $50,000 as of December 31, 2021. Taxpayer is single, has one (1) dependent and their deductions applicable to individuals amount to $10,000. The taxpayer's gross income includes dividend payments in the amount of $2,000 where the domestic corporation withheld the amount of $300. Using only the data presented above, determine:
The Net Income Subject to Tax for the individual for the taxable year 2021.
Income Tax for taxable year 2021.
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