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Calculate the 2020 taxable income for the following taxpayer (follow the formula on pg. 1-16,...

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Accounting

Calculate the 2020 taxable income for the following taxpayer (follow the formula on pg. 1-16, Exhibit 1.2):
Single taxpayer
Life insurance proceeds received (excluded income) $4,000
W-2 Wages $52,000
Deductions for AGI $1,000
Potential Itemized Deductions 4,000

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