Question
Mr. Coleman, an unmarried individual, has the following income items: Interest income $ 24,800 Schedule C net profit 54,000 He has $9,600 itemized deductions and
Mr. Coleman, an unmarried individual, has the following income items:
| Interest income | $ 24,800 |
|---|---|
| Schedule C net profit | 54,000 |
He has $9,600 itemized deductions and no dependents. Mr. Colemans Schedule C income is qualified business income (non-service).
Required: Compute Mr. Colemans income tax. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
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Accounting Advanced
Authors: Claudia Bienias Gilbertson
9th Edition
0538447559, 9780538447553
