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Using individual tax formula, in the proper order, show Michael?s income from income broadly conceived and ending with tax due. During 2013, Michael a single
Using individual tax formula, in the proper order, show Michael?s income from income broadly conceived and ending with tax due.
During 2013, Michael a single man had the following transactions: Cross salary $85,000.00 Federal withholdings tax on W-2 $5,000.00 Interest - 1st Street Bank $2,500.00 Municipal bond interest $3,500.00 Loss sale of Facebook Stock $1,000.00 Profit - Small business selling hats at Easter $700.00 Non - refundable energy credit $500.00 Total itemized deductions $7,200.00 2013 Exemption amount is $3,900.00 Using individual tax formula, in the proper order, show Michael's income from income broadly conceived and ending with tax due. You do not have to calculate any phase out of exemptions or itemized detection. Assume that she is not subject to either phase-out. Show the workStep by Step Solution
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