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Hello, I need some help figuring out this problem and all I ask is for work to be shown if possible because I would like
Hello, I need some help figuring out this problem and all I ask is for work to be shown if possible because I would like to use this for future reference since I was stumped on this problem the whole day. Thank you!
Problem 4-33 (LO 4-1) (Algo) Through November, Cameron has recelved gross income of $121,500. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,390 of revenue at a cost to Cameron of $3,150, which is deductible for AGI. In contrast, engagement 2 will generate $5,300 of qualfied business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer. Calculate Cameron's taxable Income assuming he chooses engagement 1 and assuming he chooses engagement 2 . Assume he has no itemized deductionsStep by Step Solution
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