Taxable Income and Tax Liability Calculations - Single (LO. 6)

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 $12,000.)

Do not round intermediate computations. Round the final tax liability to the nearest cent.

Based on the above information, for a single individual, adjusted gross income (AGI) is $, taxable income is $ and the tax liability is $.