Question
Mr. Coleman, an unmarried individual, has the following income items: Interest income $ 24,500 Schedule C net profit 52,520 He has $9,450 itemized deductions and
Mr. Coleman, an unmarried individual, has the following income items:
| Interest income | $ 24,500 |
|---|---|
| Schedule C net profit | 52,520 |
He has $9,450 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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Cost Management Accounting And Control
Authors: Don R. Hansen, Maryanne M. Mowen
5th Edition
0324233108, 978-0324233100
