Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest). Assume none of the taxpayers contributed to charity this year. (First mean highest taxable income, third means lowest taxable income.) Gross income Deductions for AGI Itemized deductions Deduction for qualified business income Ahmed Baker Chin Ahmed $ 93,500 14,875 0 Baker $ 93,500 6,860 7,350 2,335 Chin $ 93,500 0 14,735 10,000

Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest). Assume none of the taxpayers contributed to charity this year. (First mean highest taxable income, third means lowest taxable income.) Gross income Deductions for AGI Itemized deductions Deduction for qualified business income Ahmed Baker Chin Ahmed $ 93,500 14,875 0 Baker $ 93,500 6,860 7,350 2,335 Chin $ 93,500 0 14,735 10,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 18P

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Question

Subject - account

Please help me.

Thankyou.

Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest). Assume none of the
taxpayers contributed to charity this year. (First mean highest taxable income, third means lowest taxable income.)
Gross income
Deductions for AGI
Itemized deductions
Deduction for qualified business income
Ahmed
Baker
Chin
Ahmed
$ 93,500
14,875
0
0
Baker
$ 93,500
6,860
7,350
2,335
Chin
$ 93,500
0
14,735
10,000

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Rank the following three single taxpayers in order of the magnitude of taxable income. Assume none of the taxpayers contributed to charity this year. Note: First mean highest taxable income, third means lowest taxable income. Gross income Deductions for AGI Itemized deductions Deduction for qualified business income Ahmed Baker Chin Answer is complete and correct. Third First Second Ahmed $ 97,100 16,050 0 e Baker $ 97,100 9,800 8,150 2,000 Chin $ 97,100 e 15,840 10,000
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