Question

Scenario 1: Donald Canard is an Actor. He supports his three nephews, who all live with...

Scenario 1: Donald Canard is an Actor. He supports his three nephews, who all live with him.
His sole income from acting is 43,073
What is his taxable income?  
What is his tax before credits?

Year: 2017

Business   Accounting   
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Answer #1
Gross Income from acting $        43,073
Less: Standard Deduction for 2017              6,350 *for single
Personal and dependency exemption (4 x 4050)            16,200 1 for self and 3 for nephews
Taxable Income            20,523
Calculation of tax - for single
9325 x 10% + (20523 - 9325) x 15% $    2,612.20 Tax before credit
Ans 1 20523
Ans 2 2612.2
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