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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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Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit Cole has $9,650 itemized deductions and the Schedule C income is qualified business income (non-service). $ 24,900 54,640 Required: Compute Cole's income tax. Assume the taxable year is 2022. 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
Transcribed Image Text:Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit Cole has $9,650 itemized deductions and the Schedule C income is qualified business income (non-service). $ 24,900 54,640 Required: Compute Cole's income tax. Assume the taxable year is 2022. 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
3 The Kigali's are married and file a joint return. Their AGI (earned income) was $15,510 and federal income tax withholding was $940. They had no itemized deductions and two dependent children, ages 18 and 19. es Required: If the Kigali are entitled to a $4,734 earned income credit, compute their income tax refund. Assume the taxable year is 2022. Use Standard Deduction Table Tax Refund Check
Transcribed Image Text:3 The Kigali's are married and file a joint return. Their AGI (earned income) was $15,510 and federal income tax withholding was $940. They had no itemized deductions and two dependent children, ages 18 and 19. es Required: If the Kigali are entitled to a $4,734 earned income credit, compute their income tax refund. Assume the taxable year is 2022. Use Standard Deduction Table Tax Refund Check
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