In 2021 a single individual operates a business as a sole proprietorship. The business has...
80.2K
Verified Solution
Link Copied!
Question
Accounting
In 2021 a single individual operates a business as a sole proprietorship. The business has revenue of $280,000 and expenses of $112,000. The individual also has $4,000 in capital loss. The individual has itemized deductions of $9,500. The corporate tax rate is 21%. What is this individual's income tax liability for 2021?
a. $30,369
b. $30,609
c. $31,201
d. $31,341
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
