Question

Chen, a single taxpayer, had the following income and deductions during 2018: Salary                            &n

Chen, a single taxpayer, had the following income and deductions during 2018:

Salary                                                 $55,000

Interest on bank account                           750

Tax-exempt interest                                  500

Deduction for AGI                                5,500

Itemized deductions                           15,000

Taxes withheld                                      5,500

Calculate Chen's tax liability due or refund.

  1. $1,010.50 tax liability.
  2. $1,010.50 refund.
  3. $705.50 tax liability.
    D)     $705.50 refund.
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