Problem 14-13 (Static) [LO 14-3, 14-4, 14-5] Cole, an unmarried individual with no dependents, has the following income items: $ 24,200 50.600 Interest income Schedule C net profit Cole has $0,300 Itemized deductions and the Schedule C Income is qualified business income (non service). Required: Compule Cole's income tax. Assume the luxuble year is 2022. Use Individual Tax Rule 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 $ /1.220
Problem 14-13 (Static) [LO 14-3, 14-4, 14-5] Cole, an unmarried individual with no dependents, has the following income items: $ 24,200 50.600 Interest income Schedule C net profit Cole has $0,300 Itemized deductions and the Schedule C Income is qualified business income (non service). Required: Compule Cole's income tax. Assume the luxuble year is 2022. Use Individual Tax Rule 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 $ /1.220
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 30P
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![Problem 14-13 (Static) [LO 14-3, 14-4, 14-5]
Cole, an unmarried individual with no dependents, has the following income items:
Interest income
$ 24,200
50.600
Schedule C net profit
Cole has $9.300 Itemized deductions and the Schedule C Income is qualified business Income (non-service).
Required:
Compule Cole's income tax. Assume the laxable year is 2022. Use Individual Tax Rule 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
$ 71.225](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f7e57ae-6d0e-4e87-9166-e2250bfe2c65%2F049fc92c-6257-49b8-b581-4546771a4cc7%2Fpgfnye_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 14-13 (Static) [LO 14-3, 14-4, 14-5]
Cole, an unmarried individual with no dependents, has the following income items:
Interest income
$ 24,200
50.600
Schedule C net profit
Cole has $9.300 Itemized deductions and the Schedule C Income is qualified business Income (non-service).
Required:
Compule Cole's income tax. Assume the laxable year is 2022. Use Individual Tax Rule 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
$ 71.225
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