Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit $23,700 58,880 Cole has $10,050 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.
Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit $23,700 58,880 Cole has $10,050 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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