Chris, a single taxpayer, had the following income and deductions during 2018:Salary$55,000Interest on bank account300Tax-exempt interest200Deduction for AGI3,500Itemized deductions 13,000Taxes withheld 5,500Calculate Chris's tax liability due or refund.
What will be an ideal response?
| Salary | $55,000 |
| Interest on bank account | 300 |
| Gross income | 55,300 |
| Deduction for AGI | (3,500) |
| Adjusted gross income | 51,800 |
| Itemized deductions | (13,000) |
| Taxable income | $38,800 |
Tax $4,453.50 + .22(38,800 - 38,700) = 4,475.05
$5,500 taxes withheld - 5,676.25 = 1,024.50 tax refund
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