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

 

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Rashad, an unmarried individual with four dependent children (ages 5 to 15) had the following income items: $ 513,100 20,300 33,000 Salary Interest income Dividend eligible for 20% rate Rashad had $34,200 in itemized deductions. Required: Compute Rashad's income tax (before credits). Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Stam Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable income Income Tax Amount $ 566,400 $ 532,200 $ 158,524 Rashad, an unmarried individual with four dependent children (ages 5 to 15) had the following income items: $ 513,100 20,300 33,000 Salary Interest income Dividend eligible for 20% rate Rashad had $34,200 in itemized deductions. Required: Compute Rashad's income tax (before credits). Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Stam Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable income Income Tax Amount $ 566,400 $ 532,200 $ 158,524

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To compute Rashads AGI we need to add up all of his income items and then subtract his allowable ded... View the full answer