Mathematics, 11.10.2021 16:10 JNH16
Last year, a school principal had a gross income of 88,000. she is filing her federal income tax return with the single filing status, and after taking into account her standard deduction of 5,700 and a 3,650 exemption for herself, her taxable income came out to be 78,650. She wants to calculate how much of the 88,000 she'll have left over after paying federal income tax.
Part I:Subtract the appropriate amount in the right most column of the table from the school principal taxable income. What do you get?
Part II: Multiply the result from Part I by the appropriate percentage from the table. Now what do you have?
Part III: Add the appropriate amount from the middle column of the table to the result from Part II. How much does the school principal owe in federal income tax?
Part IV: How much of the school principals gross income of 88,000 will she have left over after paying federal income tax?
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Last year, a school principal had a gross income of 88,000. she is filing her federal income tax ret...
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