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Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable...

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Accounting

Kaori, an unmarried individual with no dependent children, reports the following information. Assume the taxable year is 2023. 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:

  1. Assume that Kaoris itemized deductions total $9,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.
  2. Assume that Kaoris itemized deductions total $14,000 and Schedule C net business profit is qualified business income (non-service). Compute AGI and taxable income.
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