*Adjusted Gross income is $18,000* Determine the tax liability if you are filing single using the standard deduction of $12,000 and have no adjustments, itemized deductions, or tax credits.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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*Adjusted Gross income is $18,000* Determine the tax liability if you are filing single using the standard deduction of $12,000 and have no adjustments, itemized deductions, or tax credits.
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Lets understand the basics.

Taxable income is a income arrived by deducting either standard deduction or itemized deduction or credit from the adjusted net income.

Once taxable income arrives, slab rate needs to apply based on the status of the filler of income tax return.

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