Chen is a single person, age 35, with no dependents. In 2019, Chen has gross income...
Chen is a single person, age 35, with no dependents. In 2019, Chen has gross income of $80,000 from his sole proprietorship. Chen also incurs $75,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Chen has no itemized deductions. What is Chen's taxable income?
Homework Answers
| Business Income | $ 80,000 |
| Less: Business expenses | $ 75,000 |
| Profits and gains from business | $ 5,000 |
| Interest and dividend income | $ 22,000 |
| Gross income | $ 27,000 |
| Less: Standard deduction | $ 12,200 |
| Taxable income | $ 14,800 |
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Chen is a single person, age 35, with no dependents. In 2019, Chen has gross income...
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Compute the taxable income for 2019 in each of the following independent situations. Click here to...
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