Author Question: Fred Stearns is single and earned 48,200 as a graphic artist last year. He had the following ... (Read 88 times)

sam.t96 · **on:** Jun 24, 2018

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. He claims two exemptions. a. What is his taxable income? b. What is the amount of his tax liability? (Use Exhibit 18-3 or 18-4 from your text)

Question 2

A calculator that previously sold for 44.99 has been reduced to 37.34. What is the markdown percent? (Round to the nearest whole percent)