Question

Tom is single and 68 years old. He has excellent eyesight. In 2019, Tom earned W-2 wages of $115,544 from his full-time job at Six Minutes, ABS, Inc. Tom received 8,479 in interest income from an Exxon Corporation bond that he owned in a taxable account. Tom had few allowable itemized deductions on Schedule A, so he claimed the standard deduction. For 2019: 1) Tom's Tax on Taxable Income is $_______________________. (Important: For your answer, enter whole numbers only. Do not enter a dollar sign ( "$" ) or a comma ( " , " ) in your answer. If your tax on taxable income ends in .50 --also known as 50 cents-- or less, please round down to the nearest whole number. By way of example, for tax on taxable income of $13,560, please enter 13560. For tax on taxable income of $23,258.30, please enter 23258. For tax on taxable income of $23,258.50, please enter 23258. For tax on taxable income of $23,258.70, please enter 23259.)

Answer 1

Filing status	Single
Particulars	Amount	Amount
Gross income:
Salary	$        $115,544
Interest	$            8,479
Gross income		$ 124,023
For AGI deductions		$                   -
Adjusted gross income		$ 124,023
Less:
Standard deduction 12,200 + 1,650	$          13,850
Itemized deduction	$                   -
Higher of the two		$ 13,850
Taxable income		$ 110,173
Income tax liability		$ 20,562.02
[ 14382.5 + ( 110,173 - 84200 ) × 0.24 ]

Tom's Tax on Taxable Income is $_______23,161______.

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