Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable...
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Accounting
Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table.
Wages
$ 65,000
Schedule C net profit
11,650
Interest from savings account
500
Self-employment tax on Schedule C net profit
1,646
Required:
Assume that Kaoris itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.
Assume that Kaoris itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.
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