PI:1-39 (similar to) Lucille, a single taxpayer, had the following income and deductions for the tax year 2018: LOADING...(Click the icon to view the income and deductions.) LOADING...(Click the icon to view the standard deduction amounts.) LOADING...(Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirementsLOADING.... Requirement a. Compute Lucille's taxable income and federal tax liability for 2018. 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.) Salary $64,000 Business income 29,000 Interest income 12,000 Tax-exempt interest income 3,200 Total income from whatever source derived 108,200 Minus: Exclusions, as provided in the tax law Tax-exempt interest income (3,200) Gross income 105,000 Minus: Deductions for Adjusted gross income Business expenses -10500 Adjusted gross income (AGI) 94500 Minus: Deductions from AGI: Itemized deductions -15000 Standard deduction -12000 Taxable income 67500 Tax 10789.50 Choose from any list or enter any number in the input fields and then click Check Answer.

Federal Tax