Fred Stearns is single and earned $48,200 as a graphic artist last year. He had the following itemized deductions: $964 state and local taxes, $1,540 in mortgage interest and $360 in charitable deductions.
a.What is his taxable income?b.What is the amount of his tax liability? (Use Exhibit 18-3 from your text)
What will be an ideal response?
??
| a. | $36,200 |
| b. | $4,153.50 |
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