Based on the following information, what are the taxable
income and tax liability for a single individual?

Total income                                                                      $103,000

Excludable income       &
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Based on the following information, what are the taxable
income and tax liability for a single individual?

Total income                                                                      $103,000

Excludable income                                                          2,000

Deductions for adjusted gross income                   2,500

Deductions from adjusted gross income                               7,850

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