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Revision as of 15:20, 7 January 2025

The IRS has set many tax deductions and benefits in their place for tax payers. Unfortunately, some taxpayers who earn a advanced of income can see these benefits phased out as their income ascends.

Now we calculate when there is any taxes due. Assuming for now that few other income exists, we calculate taxable income getting the take advantage of the business ($20,000) and subtract the actual 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 earnings tax due for duty would be $1,099. So, the total tax bill for this taxpayer should be $1,099 + $3,060 to your total of $4,159.

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