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Problem:
Rosemary is single and works for Big B Corporation. Her only income consists of her Big B salary and interest on a saving account. During the year, she has $400 withheld from her salary for state income taxes and $7800 for federal income taxes. Her brother provides her with the following calculation of her taxable income and income tax liability:
Salary $36,000Interest income $3,100Les: State tax withheld (400)Equals: Gross Income $38,700Less: Deduction for adjusted Gross incomeStandard deduction (5,450)Equals: Taxable income $33,250Income tax liability ($33,250 × 25%) $8,313Less: federal withholding (7,800)Equals: Tax due $513
Explain the errors that Rosemary's brother has made in calculation het taxable income and/or her income liability.
Use the calculation by:
A. Tax tables 2012B. Tax rate schedules 2012
Additional Information:
This question is from Finance and it is about computing the taxable gross income of a person working for a company and gets interest from a savings account. The calculations have been given in the solution in detail.
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