Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit He has $10,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service). Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax $23,200 61,640 Amount
Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit He has $10,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service). Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax $23,200 61,640 Amount
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 8P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT