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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
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 Schedule C net profit Interest from savings account Self-employment tax on Schedule C net profit $ 65,000 11,650 500 1,646 Required: a. Assume that Kaori's itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income. b. Assume that Kaori's itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non- service). Compute AGI and taxable income. Complete this question by entering your answers in the tabs below. Required A Required B Assume that Kaori's itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non- service). Compute AGI and taxable income. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Amount
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