Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her dependent. 2021tax information Net Income from self-employment $195,000. Dividend income taxed @ 15% $2800 Deduction for self employed tax $6712 Itemized deduction $14,200 (A)compute AGI, taxable income and tax liability (B)assume that in addition to the original information given above Janice paid $7000 for child care. Compute her taxable income and tax liability

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
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Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 51P
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Janice, an unmarried individual, lives in a home with her 9-year-old son, Oscar who qualifies as her dependent.

2021tax information

Net Income from self-employment $195,000.

Dividend income taxed @ 15% $2800

Deduction for self employed tax $6712

Itemized deduction $14,200

(A)compute AGI, taxable income and tax liability

(B)assume that in addition to the original information given above Janice paid $7000 for child care. Compute her taxable income and tax liability 

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