Chapter I:2

2021:Gail claims itemized deductions because their $24,000 amount exceeds the $12,400 standard deduction she is allowed. Her taxable income is $126,000 ($150,000 - $24,000), and her gross tax is $24,320. Her net tax also is $24,320. 2022:$24,320 (see 2021). 2023:$24,320 (see 2021). 2024:$24,320 (see 2021). ................
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