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PART ONE What is the amount of the income tax ? The individual is single. Operate a small business and the records are kept on
PART ONE
What is the amount of the income tax? The individual is single. Operate a small business and the records are kept on the cash basis account.
PART TWO
What is the total amount of tax on the return?
INFORMATION NEEDED BELLOW
Gross Income 600,000
Net Income 123,386
Self Employment Taxes 17,434
Expenses 476,614
Standard deduction 12,200
Estimated Tax Paid 17,400
AGI 114,669
QBID 20,494
The amount of the Taxable Income 81,975
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