Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Wages Schedule C net profit Interest from savings account Self-employment tax on Schedule C net profit $ 65,000 11,650 500 1,646 Required: a. Assume that Kaori's itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income. b. Assume that Kaori's itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.

Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Wages Schedule C net profit Interest from savings account Self-employment tax on Schedule C net profit $ 65,000 11,650 500 1,646 Required: a. Assume that Kaori's itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income. b. Assume that Kaori's itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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