Question
Cole, an unmarried individual with no dependents, has the following income items: $ 24,000 57,400 Interest income Schedule C net profit Cole has $9,900
Cole, an unmarried individual with no dependents, has the following income items: $ 24,000 57,400 Interest income Schedule C net profit Cole has $9,900 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2022. 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 Amour Married filing jointly and surviving spouses Married filing separately Head of household Single $25,900 12,950 19,400 12,950
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Principles Of Taxation For Business And Investment Planning 2019 Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
22nd Edition
9781259917097, 1259917096, 978-1260161472
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