Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit $ 25,200 56,120 Cole has $9,800 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount
Cole, an unmarried individual with no dependents, has the following income items: Interest income Schedule C net profit $ 25,200 56,120 Cole has $9,800 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. AGI Taxable Income Income Tax Amount
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 27P
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