Kai is a single filer. For each of the next two tax years (2023 and 2024), Kai expects to report AGI of $95,000, contribute $7,500 in cash to a qualified charitable organization, and pay $3,200 in state income taxes. • What is Kai's taxable income for 2023 and 2024 assuming that the standard deduction for a single filer is $13,850 for both 2023 and 2024? (Scenario 1) Taxable income for 2023 Taxable income for 2024 • Now assume that Kai combines charitable contributions for the next two years and contributes the entire amount in 2023. What is Kai's taxable income for 2023 and 2024 assuming that the standard deduction for a single filer is $13,850 for both 2023 and 2024? (Scenario 2) Taxable income for 2023 Taxable income for 2024 Which strategy/scenario is best based on your calculations above? Type "Scenario 1" or "Scenario 2" in this blank.

Kai is a single filer. For each of the next two tax years (2023 and 2024), Kai expects to report AGI of $95,000, contribute $7,500 in cash to a qualified charitable organization, and pay $3,200 in state income taxes. • What is Kai's taxable income for 2023 and 2024 assuming that the standard deduction for a single filer is $13,850 for both 2023 and 2024? (Scenario 1) Taxable income for 2023 Taxable income for 2024 • Now assume that Kai combines charitable contributions for the next two years and contributes the entire amount in 2023. What is Kai's taxable income for 2023 and 2024 assuming that the standard deduction for a single filer is $13,850 for both 2023 and 2024? (Scenario 2) Taxable income for 2023 Taxable income for 2024 Which strategy/scenario is best based on your calculations above? Type "Scenario 1" or "Scenario 2" in this blank.

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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