Question: taxable income and tax liability calculations single lo 6...

Taxable Income and Tax Liability Calculations - Single (LO. 6)

Total income $118,000 Excludable income 2,000 Deductions for adjusted gross income 2,500 Deductions from adjusted gross income 8,000

(Hint: The standard deduction for filing single is $12,000.)

Do not round intermediate computations. Round the final tax liability to the nearest cent.

Based on the above information, for a single individual, adjusted gross income (AGI) is $, taxable income is $ and the tax liability is $.