Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary $ 31,900 55,120 (9,190) NOL carryforward deduction Interest income 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). 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
Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary $ 31,900 55,120 (9,190) NOL carryforward deduction Interest income 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). 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
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 20MCQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT