Cole, an unmarried individual with no dependents, has the following income items: $ 24,000 57,400 Interest...

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Cole, an unmarried individual with no dependents, has the following income items: $ 24,000 57,400 Interest income Schedule C net profit Cole has $9,900 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2022. 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 Amour Married filing jointly and surviving spouses Married filing separately Head of household Single $25,900 12,950 19,400 12,950 Cole, an unmarried individual with no dependents, has the following income items: $ 24,000 57,400 Interest income Schedule C net profit Cole has $9,900 itemized deductions and the Schedule C income is qualified business income (non-service). Required: Compute Cole's income tax. Assume the taxable year is 2022. 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 Amour Married filing jointly and surviving spouses Married filing separately Head of household Single $25,900 12,950 19,400 12,950

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To compute Coles income tax we first need to calculate his adjusted gross income AGI and ... View the full answer