Jaki Taggart's tax liability can be calculated using the tax rate tables provided by the Internal Revenue Service (IRS). Based on her filing status (head of household) and income level, her tax liability would be calculated as follows:
Taxable Income: $135,850
Tax Rate: 22%
Tax Liability: $29,907.00
After subtracting her deductions and exemptions, her total tax liability would be $20,907.00.
Please help Jaki Taggart determine her tax liability based on the following: salary, $75,750; wages, $43,100; capital gains, $14,190; $2,000 IRA contribution; mortgage interest, $10,200; property taxes, $4,040; charitable contributions, $620. She files as head of household and claims two exemptions.
I've tried to add all the numbers together then subtract the deducions and divide the exemptions-but no luck-
Help is greatly appreciated!
Thanks!
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