Cole, an unmarried individual with no dependents, has the following income items; Interest income $ 24,900 Schedule C net profit. 54,640 Cole has $9,650 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount
Cole, an unmarried individual with no dependents, has the following income items; Interest income $ 24,900 Schedule C net profit. 54,640 Cole has $9,650 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
H1.
Transcribed Image Text:3
The Kigali's are married and file a joint return. Their AGI (earned income) was $15,510 and federal income tax withholding was $940.
They had no itemized deductions and two dependent children, ages 18 and 19.
es
Required:
If the Kigali are entitled to a $4,734 earned income credit, compute their income tax refund. Assume the taxable year is 2022. Use
Standard Deduction Table
Tax Refund
Check
Transcribed Image Text:Cole, an unmarried individual with no dependents, has the following income items:
Interest income
Schedule C net profit
Cole has $9,650 itemized deductions and the Schedule C income is qualified business income (non-service).
$ 24,900
54,640
Required:
Compute Cole's income tax. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
AGI
Taxable Income
Income Tax
Amount
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