Standard deduction for individual: $12,000 Standard deduction for married couples filing jointly: $24,000 had owned for five years for a net profit of $5,800. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent. $ Corporate Corporations earn most of their income from operations; however, they may also receive interest and dividend income. excluded from taxable income, while the remaining 50% is taxed at the ordinary tax rate. For businesses, income is taxed as ordinary income; however, income is taxed more favorably. 50% of received is system encourages financing over financing. Depreciation expense is tax deductible, so the larger the depreciation, the payments are not tax deductible. Consequently, our tax