The following three single taxpayers have income and deductions as follows: Tom John Paul Gross Income $
Question:
The following three single taxpayers have income and deductions as follows:
Tom John Paul
Gross Income $ 75,000 $ 75,000 $ 75,000
Deductions For AGI 14,000 7,000 0
Itemized Deductions 0 7,000 14,000
Qualified Business
Income Deduction 0 2,000 10,000
A.) What is Tom's taxable income?
B.) What is John's taxable income?
C.) What is Paul's taxable income?
Essentials of Federal Taxation 2019
ISBN: 9781260190045
10th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver