1 Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit $ 24,600 52,720 Check my work 0.77 points 00.02.20 eBook He has $9,500 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non-service). Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Amount References AGI $ 52,770 Taxable income $ 40,220 income tax $ 4,542 Single If taxable income is: The tax is: Not over $9,950 10% of taxable income Over $9,950 but not over $995+12% of excess over $40,525 $9,950 Over $40,525 but not over $4,664 + 22% of excess over $86,375 $40,525 Over $86,375 but not over $14,751 + 24% of excess over $164,925 $86,375 Over $164,925 but not over $33,603 + 32% of excess over $209,425 $164,925 Over $209,425 but not over $47,843 + 35% of excess over $523,600 $209,425 $157,804.25 + 37% of excess Over $523,600 over $523,600