Cole, an unmarried individual with no dependents, has the following income items:

Interest income $ $23,400$

Schedule C net profit $60,800$

Cole has $$10,200$ itemized deductions and the Schedule C income is qualified business income $($non$-$service$).$

Required:

Compute Cole$’$s income tax. Assume the taxable year is $2023.$ Use Individual Tax Rate Schedules and Standard Deduction Table.

Answer rating: 100% (QA)

To compute Coles income tax we first need to determine his taxable income We start with his gross in... View the full answer