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Rashad, an unmarried individual with four dependent children (ages 5 to 15) had the following income items: Salary $ 515,600 Interest income 21,800 Dividend eligible
Rashad, an unmarried individual with four dependent children (ages 5 to 15) had the following income items:
Salary | $ 515,600 |
---|---|
Interest income | 21,800 |
Dividend eligible for 20% rate | 38,000 |
Rashad had $34,700 in itemized deductions.
Required:
Compute Rashads income tax (before credits). Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.
a. AGI
b.Taxable income
c.. income tax
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