Question 23 ptsCalculate the amount of federal income tax you would haveowed on your 2017 income using the brackets and incomeunder the new tax law. (Hint: make sure to adjust forchanges in personal exemption and deductions.)Edit ViewInsertFormatToolsTable12pt vParagraph VO words</> 7 You will need to reference the Tax Cuts and Jobs Act of2017 e to solve the questions in this assignment. You willnot receive credit if you do not use the Tax Tables from thisWikipedia source. The questions below also rely on thefollowing assumptions:• You file your taxes as a single filer.• Your only taxable source of income is wage income.In 2017 you earned $100,000 of gross wage income.In 2017 you claimed one personal exemption.In 2017 you claimed itemized deductions of $10,000.

Answered: owed on your 2017 income using the…

owed on your 2017 income using the brackets under the new tax law. (Hint: make sure to ad changes in personal exemption and deduction: Edit View Insert Format Tools Table 12pt v Paragraph v

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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