Asked by Amber Porter on Jul 02, 2024
Verified
Rates for a single taxpayer are 10% of taxable income up to $8,375 and 15% thereafter up to $34,000. Ernest Silva, a single taxpayer, earned $28,000 working days as a salesman and $5,000 working nights as a part-time janitor in a local factory. He itemizes the following deductions: $4,800 interest on his house, $920 state taxes, $800 donation to his church, and $300 donation to the Salvation Army. He takes one exemption of $3,650. Compute the amount of income tax.
Taxable Income
The amount of income that is used to calculate how much tax an individual or a company owes to the government.
Part-time Janitor
A Part-time Janitor is an individual employed on a less than full-time basis to perform cleaning and maintenance duties in a building or facility.
- Compute income tax liabilities for individuals under different tax scenarios.
- Understand and apply the concept of standard deductions and exemptions in tax computations.
Verified Answer
BA
Learning Objectives
- Compute income tax liabilities for individuals under different tax scenarios.
- Understand and apply the concept of standard deductions and exemptions in tax computations.