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JT (single taxpayer) is a software of a business that provides cust

JT (single taxpayer) is a software of a business that provides cust

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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JT (single taxpayer) is a software engineer who earns both salary income as an employee, and business income as the sole proprietor of a business that provides custom software development. In 2023, they earned $350,000 of salary income. Consider the following two possible scenarios for 2023 Scenario A $350,000 $50,000 Scenario B $350,000 Salary income Business income (loss) $300,000) Part A. What are JT's net earnings for tax purposes in Scenario A? 400000 Part B. What are JT's net earnings for tax purposes in Scenario B? 650000 O
Transcribed Image Text:JT (single taxpayer) is a software engineer who earns both salary income as an employee, and business income as the sole proprietor of a business that provides custom software development. In 2023, they earned $350,000 of salary income. Consider the following two possible scenarios for 2023 Scenario A $350,000 $50,000 Scenario B $350,000 Salary income Business income (loss) $300,000) Part A. What are JT's net earnings for tax purposes in Scenario A? 400000 Part B. What are JT's net earnings for tax purposes in Scenario B? 650000 O
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