Question 32 Al is single, age 40, and has net Schedule C self-employment income of...
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Question 32 Al is single, age 40, and has net Schedule C self-employment income of $140,000. His expenses for the year are as follows: $20,000 4,000 5,500 7,500 Alimony (divorced in 2015) Charitable contributions Self-employment tax Health insurance premiums (self-employed) Interest on home mortgage Property taxes on personal residence State sales tax State income tax Qualified Business Income (QBI) Deduction 7,200 5,800 1,800 5,200 25,950 What is Al's taxable income? Recall the standard deduction is $12,400 for a single taxpayer. $71,800 $65,000 $62,600 $61,600
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