Nathan is single. He earned $35,628 in wages plus $186 in interest last year. The standard deduction for a single person is $8,750. His employer withheld $3,756 from his pay. What was the adjusted gross income? What was his taxable income? What amount of tax did he owe? How large was his refund?
+23254 1) To find adjusted gross inome, add what he earned in wages and the amount of interest that he earned.
2) To find his taxable income , subtract the standard deduction for a single person from his adjusted gross income that you found in step 1.
3) The amount of tax cannot be calculated from the information given; you will need to look this up in a tax table, or calculate a percentage, depending upon the information that you are given.
4) The size of the refund is found by subtracting the amount of tax owed from the amount that his employer withheld.
+23254 1) To find adjusted gross inome, add what he earned in wages and the amount of interest that he earned.
2) To find his taxable income , subtract the standard deduction for a single person from his adjusted gross income that you found in step 1.
3) The amount of tax cannot be calculated from the information given; you will need to look this up in a tax table, or calculate a percentage, depending upon the information that you are given.
4) The size of the refund is found by subtracting the amount of tax owed from the amount that his employer withheld.
