FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Vikrambhai 

Cole, an unmarried individual with no dependents, has the following income items:
Interest income
Schedule C net profit
$ 25,100
55,480
Cole has $9,750 itemized deductions and the Schedule C income is qualified business income (non-service).
Required:
Compute Cole's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
AGI
Taxable Income
Income Tax
Amount
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Transcribed Image Text:Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit $ 25,100 55,480 Cole has $9,750 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount
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