Problem 14-11 (Static) [LO 14-3, 14-4, 14-5] Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary NOL carryforward deduction Interest income $ 31,900 55,120 (9,190) 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). 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

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Chapter3: Preparing Your Taxes
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Problem 2FPE: ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and...
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Problem 14-11 (Static) [LO 14-3, 14-4, 14-5]
Terrell, an unmarried individual, has the following income items:
Schedule C net profit
Salary
NOL carryforward deduction
Interest income
$ 31,900
55,120
(9,190)
725
Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with
Terrell. Terrell's Schedule C net business profit is qualified business income (non-service).
Required:
Compute Terrell's income tax (before credits). 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
Transcribed Image Text:Problem 14-11 (Static) [LO 14-3, 14-4, 14-5] Terrell, an unmarried individual, has the following income items: Schedule C net profit Salary NOL carryforward deduction Interest income $ 31,900 55,120 (9,190) 725 Terrell's self-employment tax was $4,507. Terrell had $6,270 in itemized deductions and one dependent child (age 9) who lives with Terrell. Terrell's Schedule C net business profit is qualified business income (non-service). Required: Compute Terrell's income tax (before credits). 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
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