Question
Mr. Coleman, an unmarried individual, has the following income items: Interest income $ 24,700 Schedule C net profit 53,360 He has $9,550 itemized deductions and
Mr. Coleman, an unmarried individual, has the following income items:
| Interest income | $ 24,700 |
|---|---|
| Schedule C net profit | 53,360 |
He has $9,550 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.)
Need AGI my connect says it is not 78060.
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Auditing Cases An Interactive Learning Approach
Authors: Mark S Beasley, Frank A. Buckless, Steven M. Glover, Douglas F Prawitt
7th Edition
0134421825, 9780134421827
