Using 2017 rates shown in Table 4.9 on page 264, calculate the tax owed. Assume that you take the standard deduction, have no dependents, are entitled to exemptions, and neglect any tax credit. To calculate the tax owed, we will break it down into the steps below. Refer to Example 3 on page 265 and show all work.

Step 1 of 4: Calculate your taxable income. Remember to show your work, and round your answer to the nearest dollar. Be sure to label appropriately.