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K Lillian, a single taxpayer, had the following income and deductions for the tax year 2021: Requirement a. Compute Lillian's taxable income and federal
K Lillian, a single taxpayer, had the following income and deductions for the tax year 2021: Requirement a. Compute Lillian's taxable income and federal tax liability for 2021 (round to dollars and ignore the qualified business income deduction and self-employment taxes for this problem). First calculate the gross income, then calculate taxable income and the federal tax liability. (Calculate the tax using the tax rate schedule. Do not round interim tax calculations. Round the amount entered into the cell to the nearest whole dollar. If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Total income from whatever source derived Minus: Exclusions, as provided in the tax law Next
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