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Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit $23,800 58,240 He has $10,000 itemized deductions and no
Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit $23,800 58,240 He has $10,000 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service) Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) X Answer is complete but not entirely correct. Amount AGI $ Taxable Income $ 75,840 59,640 X 10,352 X Income tax $
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