Julia Is Single and Earns a Salary of $65,000

question 71

Essay

Julia is single and earns a salary of $65,000.Her allowable deductions for adjusted gross income total $1,200 and she has $4,200 of allowable itemized deductions.What is Julia's taxable income and income tax liability for 2017?

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Definitions:

Retail Business

A business model that involves selling goods directly to consumers, typically through physical stores, online platforms, or both.

Supermarket

A large retail market that sells food and other household goods and is typically part of a chain or franchise.

Retail Business

Enterprises that sell goods directly to consumers, typically through physical stores or online platforms, involving direct interaction with end-users.

Business Revenues

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.