Solved: Calculate chris tax liability or refund, Accounting Basics

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Calculate chris tax liability or refund

Problem:

Chris, a single taxpayer, had the following income and deductions during 2010?

Salary    $55,000
Interest on bank account    300
Tax-exempt interest    200
Deduction for AGI    4,000
Itemized deductions    8,000
Taxes withheld    6,500

Calculate Chris's tax liability or refund for 2010.

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Accounting Basics: Calculate chris tax liability or refund

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