Let's say someone wanted to live in a manner that their income tax liability was 0% of their income.

From my understanding, the standard deduction for a single filer (for purposes of simplicity) is $12,000 in 2018. Does this mean (assuming you don't itemize), that if you make less than $12,000 in 2018, you do not have a tax liability?

Additionally, as far as IRA and 401k plans, how much more could I earn contributing to each of these without increasing my tax liability?

From my understanding, the max you can contribute to a 401k in 2018 is $18,500, and the max you can put into a traditional IRA is $5500 (assuming under the age of 50).

So, with the standard deduction of $12,000, the deduction for the 401k of $18,500, and the IRA deduction of $5,500, does this mean a person can earn $36,000 in one year, max out 401k and IRA, take the standard deduction and still have $0 in income tax liability? Or is there something I am missing?

Thanks