Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60,000 Business Rent

image text in transcribed
Javin is 35 years old, files single, and has the following items in 2020: Business Revenue: $120,000 Business Cost of Goods Sold: $60,000 Business Rent Expense: $30,000 Contribution to Roth Ira: $5000 Self-Employed Health Insurance: $15,000 Total Self-Employment tax on business income: $7500 Interest Income: $15,000 Qualified Dividends: $5000 Medical Expenses: $5000 Property Taxes: $8000 Charitable Contributions: $500 3 Part question. Please label your answers clearly. A. What is Javin's 2020 Gross income? B. What is Javin's 2020 AGI? C. What is Javin's 2020 Taxable income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions

Question

2. Darwins notes in biology.

Answered: 1 week ago