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Mr. Rogers, an unmarried individual, had the following income items: Salary $ 519,600 Interest income 24,200 Dividend eligible for 20% rate. 46,000 Mr. Rogers had $35,500 itemized deductions and four dependent children (ages 5 through 15). Required: Compute his income tax (before credits). Assume the taxable year is 2021. 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 Amount $ 589,800

Mr. Rogers, an unmarried individual, had the following income items: Salary $ 519,600 Interest income 24,200 Dividend eligible for 20% rate. 46,000 Mr. Rogers had $35,500 itemized deductions and four dependent children (ages 5 through 15). Required: Compute his income tax (before credits). Assume the taxable year is 2021. 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 Amount $ 589,800

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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Mr. Rogers, an unmarried individual, had the following income items: $ 519,600 24, 200 46,000 Salary Interest income. Dividend eligible for 20% rate Mr. Rogers had $35,500 itemized deductions and four dependent children (ages 5 through 15). Required: Compute his income tax (before credits). Assume the taxable year is 2021. 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 Amount $ 589,800
Transcribed Image Text:Mr. Rogers, an unmarried individual, had the following income items: $ 519,600 24, 200 46,000 Salary Interest income. Dividend eligible for 20% rate Mr. Rogers had $35,500 itemized deductions and four dependent children (ages 5 through 15). Required: Compute his income tax (before credits). Assume the taxable year is 2021. 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 Amount $ 589,800
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