Scenario: You are 33 years old, single, earn $50,000 per year, and are in the 25% tax bracket. You want to understand the federal tax system and plan ahead so as not to pay unnecessary sums to the government in taxes. For this tax year, you contributed $1,600 to an employer-sponsored 401(k), paid student loan interest of $1,200, had out-of-pocket medical and dental expenses of $2,000, made gifts to charity of $1,200, and made rent payments totalling $12,000 during the year. Based on your personal information provided above, complete the following table to determine your taxable income. Hint: Remember that the U.S Tax Code provides for a standard deduction of $6,300 and a personal exemption of $4,050. Enter adjustments, deductions, and exemptions as negative numbers. If your answer is zero, enter "0". Taxable income calculation Total income $50,000 Less: Adjustments to income 12,000 Adjusted gross income 38,000 Less: Deductions Subtotal 6,300 31,700 4,050 Less: Exemptions Taxable income