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Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard
Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table.
Wages | $ 65,000 |
---|---|
Schedule C net profit | 11,650 |
Interest from savings account | 500 |
Self-employment tax on Schedule C net profit | 1,646 |
Required:
- Assume that Kaoris itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.
- Assume that Kaoris itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.
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