self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,500 to
Question:
self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,500 to a deductible IRA. Their itemized deductions total $13,000. Compute Parts a, b, and c without regard to self-employment tax.
a. Compute their gross income.
b. Compute their adjusted gross income.
c. Compute their taxable income assuming they have a dependent daughter.
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a 95000 46000 49000 b Gross income 95000 Minus Busin...View the full answer
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Related Book For 
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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