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Compute the taxable income, tax liability, and where appropriate, the tax benefit from exclusions, deductions,...

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Accounting

Compute the taxable income, tax liability, and where appropriate, the tax benefit from exclusions, deductions, and credits for each of the following scenarios using the tax formula and tax rate schedules for Michael 25, who maintains a household and supports his younger brother, Andy (15).

  1. Michael earns $64,000 in taxable wages.

  2. Michael earns $60,000 in taxable wages and receives $4,000 in inheritance from the death of his father.

  3. Michael earns $64,000 in taxable wages and pays $2,300 in student loan interest.

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