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income tax Questions and Answers
Answer to the nearest dollar: Divorced, No dependants Gross Income: $72,000 Adjustments: $5000 Deductions: $8300 Mortgage interest, $4550 personal property tax, $3000 charity donations Tax Credits: none A) What is the Sum of exemptions and deductions? B) What is the Taxable income? C) What is the Tax computation? D) What is the Income tax owed?
What are the implications of income tax imposition in India?