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Taxable income calculation You are 33 years old, single, earn $45, 000 per year, and are in the 25% tax bracket. You want to understand
Taxable income calculation
You are 33 years old, single, earn $45, 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, 650 to an employer-sponsored 401(k), paid student loan interest of $960, had out-of-pocket medical and dental expenses of $2, 000, made gifts to charity of $1, 800, and made rent payments totaling $13, 200 during the year. Based on your personal information provided above, complete the following table to determine your taxable incomeStep by Step Solution
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