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Taxable Income Components Amount (USD) Gross Income $70,000 Deductions and Exemptions ($12,000) Taxable Income $58,000 Tax Rate (22%) ($12,760) _________________________________ Total Tax Liability $12,760 Requirements:
Taxable Income Components Amount (USD) Gross Income $70,000 Deductions and Exemptions ($12,000) Taxable Income $58,000 Tax Rate (22%) ($12,760) _________________________________ Total Tax Liability $12,760 Requirements:
- Compute the taxable income for an individual with a gross income of $70,000 and deductions/exemptions totaling $12,000.
- Apply a tax rate of 22% to determine the tax liability.
- Present all amounts in USD.
- Highlight the total tax liability.
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