Problem 14-11 (Static) [LO 14-3, 14-4, 14-5) Terrell, an unmarried individual, has the following income items: $ 31,900 55,120 (9,190) 725 Schedule C net profit Salary NOL carryforward deduction Interest income Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). 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. Answer is complete but not enti AGI Taxable Income Income Tax Amount $ 76,302 $36,935 x $ 5,713 x correct.
Problem 14-11 (Static) [LO 14-3, 14-4, 14-5) Terrell, an unmarried individual, has the following income items: $ 31,900 55,120 (9,190) 725 Schedule C net profit Salary NOL carryforward deduction Interest income Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). 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. Answer is complete but not enti AGI Taxable Income Income Tax Amount $ 76,302 $36,935 x $ 5,713 x correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 14-11 (Static) [LO 14-3, 14-4, 14-5]
Terrell, an unmarried individual, has the following income items:
Schedule C net profit
$ 31,900
55,120
Salary
NOL carryforward deduction
Interest income.
(9,190)
725
Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who
lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service).
Required:
Compute Terrell's income tax (before credits). 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.
Answer is complete but not entirely correct.
AGI
Taxable Income
Income Tax
Amount
$
$
$
76,302
36,935
5,713 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F21c4b608-ae68-44fe-acf0-9264cf93a3c8%2F4cfc3791-ab30-47b0-ab96-98852ff63664%2Fvvs1dp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 14-11 (Static) [LO 14-3, 14-4, 14-5]
Terrell, an unmarried individual, has the following income items:
Schedule C net profit
$ 31,900
55,120
Salary
NOL carryforward deduction
Interest income.
(9,190)
725
Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who
lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service).
Required:
Compute Terrell's income tax (before credits). 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.
Answer is complete but not entirely correct.
AGI
Taxable Income
Income Tax
Amount
$
$
$
76,302
36,935
5,713 x
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