3. A single taxpayer is trying to figure out their Adjusted Gross Income (AGI) for the year end 2022 tax year. Three facts are given. First, the taxpayer earns $100,000 in W-2 income from Starbucks. Second, the taxpayer owns a single member LLC business where they profited $25,000 in net income. Lastly, the taxpayer is a non-active investor in an S-corporation where her share of losses equaled -$25,000. What is the taxpayer’s Adjusted Gross Income for 2022? $125,000 $75,000 $100,000 $0
3. A single taxpayer is trying to figure out their Adjusted Gross Income (AGI) for the year end 2022 tax year. Three facts are given. First, the taxpayer earns $100,000 in W-2 income from Starbucks. Second, the taxpayer owns a single member LLC business where they profited $25,000 in net income. Lastly, the taxpayer is a non-active investor in an S-corporation where her share of losses equaled -$25,000. What is the taxpayer’s Adjusted Gross Income for 2022? $125,000 $75,000 $100,000 $0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. A single taxpayer is trying to figure out their Adjusted Gross Income (AGI) for the year end 2022 tax year. Three facts are given. First, the taxpayer earns $100,000 in W-2 income from Starbucks. Second, the taxpayer owns a single member LLC business where they profited $25,000 in net income. Lastly, the taxpayer is a non-active investor in an S-corporation where her share of losses equaled -$25,000. What is the taxpayer’s Adjusted Gross Income for 2022?
$125,000
$75,000
$100,000
$0
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