Exhibit 14-3 -Refer to Exhibit 14-3. Calculate the Tax to Be Paid

question 3

Essay

Exhibit 14-3
-Refer to Exhibit 14-3. Calculate the tax to be paid on $45,000 in gross income when the standard deduction and exemptions total $7,500.

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Definitions:

Executive Power

The authority held by the executive branch of a government, typically vested in a president or prime minister, to enforce laws and manage national affairs.

Judicial Power

The authority given to courts and judges to interpret and apply the law, decide lawsuits, and in some countries, to review the actions of the executive and legislative branches.

States' Rights

The political powers and autonomy held by individual states as opposed to the federal government.

Thaddeus Stevens

A prominent U.S. politician and lawyer who was a fierce advocate for the abolition of slavery and played a key role in the implementation of Reconstruction policies.