Question
Let's summarize the information and calculate Beth Jordan's 2021 Federal income tax payable/refund due. Adjusted Gross Income (AGI): Wages: $65,000.00 + Interest Income: $1,300.00 +
Let's summarize the information and calculate Beth Jordan's 2021 Federal income tax payable/refund due. Adjusted Gross Income (AGI): Wages: $65,000.00 + Interest Income: $1,300.00 + $400.00 + Qualified Dividends: $800.00 + $750.00 + $650.00 + Fees Earned from Part-Time Tax Practice: $3,800.00 + Stock Transaction Gains (Losses): (500 shares * ($14.00 - $17.60)) + (100 shares * ($55.00 - $30. 00)) + Gain on Sale of Used Vehicle: $6,500.00 - $6,000.00 + Revenue from Software Development Business: $16,000.00 = AGI: $80,650.00 Deductions: Standard Deduction (Single): $12,550.00 - Self-Employment Tax Deduction: (92.35% * (AGI - Wages - 0.5 * Self-Employment Tax)) = Total Deductions Taxable Income: AGI - Total Deductions = Taxable Income: $59,517.00
What is the TAX for line 16 on the 2021 1040 tax form. Her Taxable income is 59517.00. I do not need the refund calculated I need to find the figure for line 16 on a 2021 1040 tax form.
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