Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ms. Timmons's self-employment tax was $4,507. She had $6,720 in itemized deductions and one dependent child (age 9) who lives in her home. Ms. Timmons's

Ms. Timmons's self-employment tax was $4,507. She had $6,720 in itemized deductions and one dependent child (age 9) who lives in her home. Ms. Timmons's Schedule C net business profit is qualified business income under Section 199A. Compute Ms. Timmons's income tax (before credits). Assume the taxable year is 2019.

image text in transcribed
Ms. Timmons, an unmarried individual, has the following income items: Schedule C net profit $ 31306 Salary 55,128 NDL carry-Forward deduction (9,190) Interest income 725 ' Ms. Timmons's self-employment tax was $4,507. She had $6,720 in itemized deductions and one dependent child (age 9) who lives in her home. Ms. Timmons's Schedule C net business profit is qualified business income under Section 199A. Compute Ms. Timmons's income tax (before credits). Assume the taxable year is 2019. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) 9 Answer is complete but not entirely correct. Taxable Income Income tax

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Cost Accounting

Authors: Edward J. Vanderbeck

15th Edition

978-0840037039, 0840037031

More Books

Students also viewed these Accounting questions