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Version du 1 novembre 2024 à 07:04
The IRS has set many tax deductions and benefits in place for individuals. Unfortunately, some taxpayers who earn a high level of income can see these benefits phased out as their income increases.
Now we calculate if you have any income tax due. Assuming for in the event that that couple of other income exists, we calculate taxable income by taking the profit from the business ($20,000) and subtract regular deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra revenue tax due for task would be $1,099. So, the total tax bill for this taxpayer may possibly $1,099 + $3,060 for every total of $4,159.
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