Fill in the Blank QuestionFill in the blank question.For calculating your total tax due, your taxable income is to be used in conjunction with either tax tables or tax rate .

Fill in the Blank QuestionFill in the blank question.You calculate taxable income by reducing gross income by adjustments, exemptions, and standard or deductions.

Tax liability is calculated based on:  Answer areaGross IncomeTaxable IncomeNet IncomeTotal Income

Fill in the Blank QuestionFill in the blank question. income after taxes is the last line on the income statement.

Step 3 (3 pts). Calculate tax amount based on exemption and taxable income (see tables below). Tax amount should be stored as a double and rounded to the nearest whole number using round(). Submit for grading to confirm eight tests pass.Ex: If the input is:20000 23 500 1 400Ex: The additional output is:AGI: $20523Deduction: $12000Taxable income: $8523Federal tax: $852Income Tax for Single Filers$0 - $10000 10% of the income$10001 - $40000 $1000 + 12% of the amount over $10000$40001 - $85000 $4600 + 22% of the amount over $40000over $85000 $14500 + 24% of the amount over $85000Income Tax for Married Filers$0 - $20000 10% of the income$20001 - $80000 $2000 + 12% of the amount over $20000over $80000 $9200 + 22% of the amount over $80000

Multiple Choice QuestionWhen calculating total tax due, Blank______ are subtracted.Multiple choice question.tax exemptionstax creditstax deductionstax write-offs