Problem $14-15($Algo$)[$LO $14-3,14-5]$

Rashad, an unmarried individual with four dependent children $($ages $5$ to $15)$ had the following income items:

Salary $ $516,600$

Interest income $22,400$

Dividend eligible for $20\%$ rate $40,000$

Rashad had $$34,900$ in itemized deductions.

Required:

Compute Rashad$$s income tax $($before credits$).$ Assume the taxable year is $2023.$ Use Individual Tax Rate Schedules and Standard Deduction Table.

Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.Problem $14-15($Algo$)[$LO $14-3,14-5]$

Rashad, an unmarried individual with four dependent children $($ages $5$ to $15)$ had the following

income items:

Rashad had $$34,900$ in itemized deductions.

Required:

Compute Rashad's income tax $($before credits$).$ Assume the taxable year is $2023.$ Use Individual

Tax Rate Schedules and Standard Deduction Table.

Note: Round your intermediate calculations and final answers to the nearest whole dollar

amount.