Mr. Perry is an unmarried individual with no dependent children. He reports the following information....
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Accounting
Mr. Perry is an unmarried individual with no dependent children. He reports the following information. Assume the taxable year is 2018.
Wages $ 65,000, Schedule C net profit 11,650, Interest from savings account 500, Self-employment Tax on Schedule C net profit 1,646.
a.) Assume that Mr. Perrys itemized deductions total $9,000 and his Schedule C net business profit is qualified business income under Section 199A. Compute AGI and taxable income.
b.) Assume that Mr. Perrys itemized deductions total $14,000 and his Schedule C net business profit is qualified business income under Section 199A. Compute AGI and taxable income.
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