Problem 14 12 (Static) LO 14 3, 14 4, 14 5 Mr Perry is an unmarried individual with no dependent children He reports the following information Assume the taxable year is 2021 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 A Assume that Mr Perrys itemized deductions total $9,000 and his Schedule C net business profit is qualified business income (non service) Compute AGI and taxable income B Assume that Mr Perrys itemized deductions total $14,000 and his Schedule C net business profit is qualified business income (non service) Compute AGI and taxable income

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Question: Problem 14-12 (Static) [LO 14-3, 14-4, 14-5] Mr. Perry is an unmarried individual with no dependent children. He reports the following information. Assume the taxable

Problem 14-12 (Static) [LO 14-3, 14-4, 14-5]

Mr. Perry is an unmarried individual with no dependent children. He reports the following information. Assume the taxable year is 2021. 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:

A. Assume that Mr. Perrys itemized deductions total $9,000 and his Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.

B. Assume that Mr. Perrys itemized deductions total $14,000 and his Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.

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