Question: The AGI is not 79,540. Please explain answer. Thanks! Problem 14-13 (Algo) (LO 14-3, 14-4, 14-5) Mr. Coleman, an unmarried individual, has the following income

The AGI is not 79,540. Please explain answer. Thanks! Problem 14-13

The AGI is not 79,540. Please explain answer. Thanks!

Problem 14-13 (Algo) (LO 14-3, 14-4, 14-5) Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit $24,900 54,640 He has $9,650 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service) Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Amount AGI Taxable income Income tax

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