Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her dependent. 2021tax information Net Income from self-employment $195,000. Dividend income taxed @ 15% $2800 Deduction for self employed tax $6712 Itemized deduction $14,200 (A)compute AGI, taxable income and tax liability (B)assume that in addition to the original information given above Janice paid $7000 for child care. Compute her taxable income and tax liability
Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her dependent. 2021tax information Net Income from self-employment $195,000. Dividend income taxed @ 15% $2800 Deduction for self employed tax $6712 Itemized deduction $14,200 (A)compute AGI, taxable income and tax liability (B)assume that in addition to the original information given above Janice paid $7000 for child care. Compute her taxable income and tax liability
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her dependent.
2021tax information
Net Income from self-employment $195,000.
Dividend income taxed @ 15% $2800
Deduction for self employed tax $6712
Itemized deduction $14,200
(A)compute AGI, taxable income and tax liability
(B)assume that in addition to the original information given above Janice paid $7000 for child care. Compute her taxable income and tax liability
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education