Question
Mr. Coleman, an unmarried individual, has the following income items: Interest income $ 24,400 Schedule C net profit 51,880 He has $9,400 itemized deductions and
Mr. Coleman, an unmarried individual, has the following income items:
| Interest income | $ | 24,400 | |
| Schedule C net profit | 51,880 |
He has $9,400 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 2020. Use Individual Tax Rate Schedules and Standard Deduction Table.
AGI=?
Taxable Income=
Income tax=?
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
978-0078025914
