Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit $ 25,200 56,120 Cole has $9,800 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2023. 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 Schedule C net profit $ 25,200 56,120 Cole has $9,800 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2023. 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
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Vijay
Transcribed Image Text:Cole, an unmarried individual with no dependents, has the following income items:
Interest income
Schedule C net profit
$ 25,200
56,120
Cole has $9,800 itemized deductions and the Schedule C income is qualified business income (non-service).
Required:
Compute Cole's income tax. Assume the taxable year is 2023. 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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