Adjustable gross income-federal income tax

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Reference no: EM13939353

A single young person had an adjustable gross income (AGI) of 68,000$ and allowable itemized deductions of 5,000$ in 2012. Compute the 2012 federal income tax:

Personal exemption= 3,800$/Per Person

SD- Standard Deduction= 5,950$

Tax Rate

10%----- Up to 8,700$

15%----- 8,701-35,350$

25%----- 35,351-85,650$

28%----- 85,651-178,650$

33%-----178,651-388,350$

35%------ Over 388,351$

Please show formulas and clear step by step process!

Reference no: EM13939353

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