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Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is...

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Accounting

Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,400 in 2020.

QUESTION: Calculate Julie's taxable income or loss. (We already know it's a loss, so it should be a negative number.)

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