Find the tax in the following application problems. Use $4050 for each personal deduction, a standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, $6300 for married taxpayers filing separately, and $9300 for head of household and the tax rate schedule.
-Megan Cortez had an adjusted gross income of $55,704 last year. She had deductions of $939 for state income tax, $764 for property tax, $3,890 in mortgage interest, and $1,294 in contributions. Cortez claims one exemption and files as a single person.

Question

Find the tax in the following application problems. Use $4050 for each personal deduction, a standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, $6300 for married taxpayers filing separately, and $9300 for head of household and the tax rate schedule. 
-Megan Cortez had an adjusted gross income of $55,704 last year. She had deductions of $939 for state income tax, $764 for property tax, $3,890 in mortgage interest, and $1,294 in contributions. Cortez claims one exemption and files as a single person.

Quizplus · Accepted Answer

Cortez's total deductions are the sum of state income tax ($939), property tax ($764), mortgage interest ($3,890), and contributions ($1,294), which equals $6,887. Since she files as a single person and claims one exemption, her taxable income is reduced by this amount, leading to the correct calculation for her tax liability or refund.

Find the Tax in the Following Application Problems