In 2021 a single individual operates a business as a sole proprietorship. The business has revenue of $280,000 and expenses of $112,000. The individual also has $4,000 in capital loss. The individual has itemized deductions of $9,500. The corporate tax rate is 21%. What is this individual's income tax liability for 2021? a. $30,369 b. $30,609 c. $31,201 d. $31,341
In 2021 a single individual operates a business as a sole proprietorship. The business has revenue of $280,000 and expenses of $112,000. The individual also has $4,000 in capital loss. The individual has itemized deductions of $9,500. The corporate tax rate is 21%. What is this individual's income tax liability for 2021? a. $30,369 b. $30,609 c. $31,201 d. $31,341
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 36P
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Transcribed Image Text:In 2021 a single individual operates a business as a sole proprietorship. The business has revenue of
$280,000 and expenses of $112,000. The individual also has $4,000 in capital loss. The individual
has itemized deductions of $9,500. The corporate tax rate is 21%. What is this individual's income
tax liability for 2021?
a. $30,369
b. $30,609
c. $31,201
d. $31,341
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