Zack is single and  has collected the following information for preparing his 2021 taxes: Gross income $74,000, tax credits $2,500, itemized deductions $9,000, deductions for AGI $5,000, tax prepayments $8,400. Based on this information, Zack's "adjusted gross income" equals $, and his "taxable income" equals $.

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A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

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Q: 23. Adela and James are married and file tax returns jointly. Last year Adela earned $43,500 and…

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Q: Calculate the amount of capital gains

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Q: Brian, a self-employed individual, pays state income tax payments of: $ 900 on January 15, 2020…

A: SOLUTION- DEDUCTION- IT IS THE INVESTMENT/EXPENDITURE THAT HELPS IN REDUCING THE TAX PAYABLE.

Q: Zack is single and has collected the following information for preparing his 2020 taxes: Gross…

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A: The correct solution is  $35,275

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