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Revision as of 22:27, 5 August 2026


The IRS has set many tax deductions and benefits in their place for people. Unfortunately, some taxpayers who earn a advanced of income can see these benefits phased out as their income climbs.

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Now we calculate when there is any income tax due. Assuming for the moment that nothing else income exists, we calculate taxable income using the cash in on the business ($20,000) and subtract the standard deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra cash tax due for this person would be $1,099. So, the total tax bill for this taxpayer should be $1,099 + $3,060 to acquire a total of $4,159.

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