Paying Taxes Can Tax The Better Of Us: Difference between revisions

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Revision as of 18:47, 21 September 2024

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Now we calculate if there is any tax due. Assuming for once that nothing else income exists, we calculate taxable income getting the make the most of the business ($20,000) and subtract the basic model deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra revenue tax due for this person would be $1,099. So, the total tax bill for this taxpayer were $1,099 + $3,060 for only a total of $4,159.

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