r. P is an unmarried individual with no dependent children. He reports the following information. Assume the taxable year is 2017. UseIndividual Tax Rate Schedules and Standard Deduction Table. Wages $ 65,000 Schedule C net profit 11,650 Interest from savings account 500 Self-employment Tax on Schedule C net profit 1,646 Assuming that Mr. P’s itemized deductions total $5,000, compute AGI and taxable income. Assuming that Mr. P’s itemized deductions total $9,000, compute AGI and taxable income.
r. P is an unmarried individual with no dependent children. He reports the following information. Assume the taxable year is 2017. UseIndividual Tax Rate Schedules and Standard Deduction Table. Wages $ 65,000 Schedule C net profit 11,650 Interest from savings account 500 Self-employment Tax on Schedule C net profit 1,646 Assuming that Mr. P’s itemized deductions total $5,000, compute AGI and taxable income. Assuming that Mr. P’s itemized deductions total $9,000, compute AGI and taxable income.
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 67P
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r. P is an unmarried individual with no dependent children. He reports the following information. Assume the taxable year is 2017. UseIndividual Tax Rate Schedules and Standard Deduction Table.
Wages | $ | 65,000 |
Schedule C net profit | 11,650 | |
Interest from savings account | 500 | |
Self-employment Tax on Schedule C net profit | 1,646 | |
Assuming that Mr. P’s itemized deductions total $5,000, compute AGI and taxable income.
Assuming that Mr. P’s itemized deductions total $9,000, compute AGI and taxable income.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT