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Using the Income Tax Formula, present these numbers in the proper order and manner for a...

Using the Income Tax Formula, present these numbers in the proper order and manner for a Single Taxpayer (note – not all numbers may be used): Tax liability $4,500; Deductions for AGI $1,200; Gross Income $46,000; Deductions from AGI $10,200; Tax Credit $200, Taxes Withheld from wages $2,600; Standard Deduction $12,000.

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Answer #1
Amount $
Gross Income       46,000
Less: Deductions for AGI         1,200
Adjusted gross Income       44,800
Less: Deductions from AGI       12,000 Higher of 12,000 or 10,200
Taxable Income 32,800
Tax Liabilitiy         4,500
Less: Tax Credit            200
Less: Tax withheld         2,600
Tax due         1,700
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