Taxable income and Tax Liability Calculations - Single (LO. 6) Tax Year 2020 Total income $118,000 Excludable income 2,000 Deductions for adjusted gross income 2,500 Deductions from adjusted gross income 8,000 (Hint: The standard deduction for filing single is $12,400.) Do not round intermediate computations. Round the final tax liability to the nearest cent. 113,500 , taxable income is $ 101,500 X and the tax Based on the above information, for a single individual, adjusted gross income (AGI) is $ liability is $ 21,491 X. Feedback Check My Work Individual Income Tax Formula All sources of income (broadly defined) $ XXX Minus: Exclusions from income (XXX) Fouals. Gross income