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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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