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
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
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 51P
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT