Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2023, Rocco had the following income and expenses. You may assume that Rocco will owe $2,516 in self-employment tax on his salon income, with $1,258 representing the employer portion of the self-employment tax. You may also assume that his divorce from Svetlana was finalized in 2016. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to his ex-wife, Svetlana Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity a. Determine Rocco's AGI. Note: Amounts to be deducted should be indicated by a minus sign. $ 11,565 86,560 45,330 23,420 6,100 31,580 13,000 11,180 6,299 4,303

Rocco operates a beauty salon as a sole proprietorship. Rocco also owns and rents an apartment building. In 2023, Rocco had the following income and expenses. You may assume that Rocco will owe $2,516 in self-employment tax on his salon income, with $1,258 representing the employer portion of the self-employment tax. You may also assume that his divorce from Svetlana was finalized in 2016. Interest income Salon sales and revenue Salaries paid to beauticians Beauty salon supplies Alimony paid to his ex-wife, Svetlana Rental revenue from apartment building Depreciation on apartment building Real estate taxes paid on apartment building Real estate taxes paid on personal residence Contributions to charity a. Determine Rocco's AGI. Note: Amounts to be deducted should be indicated by a minus sign. $ 11,565 86,560 45,330 23,420 6,100 31,580 13,000 11,180 6,299 4,303

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 51P

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