With respect to the income tax formula,which of the following statements is correct?
A) The simplified income tax formula is only applicable to taxpayers with taxable income less than $100,000.
B) Certain deductions from income are permitted before calculating tax liability.
C) Tax payments are ignored when calculating the tax refund or tax due with the return.
D) Tax liability is determined by applying an appropriate tax rate to total income.
Correct Answer:
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