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16 July, 00:51

Charles is a single person, age 35, with no dependents. In 2015, Charles has gross income of $75,000 from his sole proprietorship. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Charles has no itemized deductions. Charles's taxable income is

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  1. 16 July, 03:37
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    The correct answer is $7,650.

    Explanation:

    According to the scenario, the computation of the given data are as follows:

    Gross income from business $75,000

    Business deductions (Less) $80,000

    Interest and dividend income (Add) $22,000

    Gross income $17,000

    Standard deduction (Less) $5,700

    Exemption (Less) $3,650

    Net Taxable income $ 7,650

    So, the net taxable income is $7,650.
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Home » Business » Charles is a single person, age 35, with no dependents. In 2015, Charles has gross income of $75,000 from his sole proprietorship. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship.
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