Chapter 1 The Individual Income Tax Return
Calculate the income tax due or income tax refund on Kenzie and Gary's 2017 individual income tax return. Use the tax formula for individuals and show your work. ANSWER: Gross income. $60,500. Deductions for adjusted gross income 0. Adjusted gross income. 60,500. Standard deduction (12,700) Personal exemptions (4) (16,200) Taxable income. $31,600. Gross tax liability (from tax table) $ 3,811 ... ................
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