Question

In: Accounting

Scenario 1: Donald Canard is an Actor. He supports his three nephews, who all live with...

Scenario 1: Donald Canard is an Actor. He supports his three nephews, who all live with him.
His sole income from acting is 43,073

What is his taxable income?  

What is his tax before credits?

Year: 2017

Solutions

Expert Solution

Gross income        43,073
Less
Stadard deduction          6,350
AGI        36,723
Exemptions                  4
Exemption amount          4,050
Total exemption        16,200
Taxable income        20,523

Tax before credits:

Gross income        43,073
Less
Stadard deduction          6,350
AGI        36,723
Exemptions                  4
Exemption amount          4,050
Total exemption        16,200
Taxable income        20,523
Tax from tax table          2,613

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