Ms. Timmons, an unmarried individual, has the following income items. Schedule C net profit ............................................ $31,900 NOL
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Ms. Timmons, an unmarried individual, has the following income items.
Schedule C net profit ............................................ $31,900
NOL carryforward deduction .............................. (9,190)
Interest income ..................................................... 725
Ms. Timmons's self-employment tax was $4,507. She had $6,270 in itemized deductions and one dependent child (age 9) who lives in her home. Ms. Timmons's Schedule C net business profit is qualified business income under Section 199A. Compute Ms. T's income tax (before credits).
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Related Book For
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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