Fred Stearns is single and earned $48,200 as a graphic artist last year. He had the following itemized deductions: $964 state and local taxes, $1,540 in mortgage interest and $360 in charitable deductions.
A)What is his taxable income?
B)What is the amount of his tax liability? (Use Exhibit 18-3 from your text)

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The Answer of Fred Stearns is single and earned $48,200 as a graphic artist last year. He had the following itemized deductions: $964 state and local taxes, $1,540 in mortgage interest and $360 in charitable deductions.

Fred Stearns Is Single and Earned $48,200 as a Graphic