Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest...

Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest). (First mean highest taxable income, third means lowest taxable income.)

	Ahmed		Baker		Chin
Gross income	$	91,000	$	91,000	$	91,000
Deductions for AGI		14,250		7,250		0
Itemized deductions		0		7,100		14,210
Deduction for qualified business income		0		2,000		10,000
Ahmed Baker Chin

Expert Solution

Particulars	Ahmed	Baker	Chin
Gross income	91,000	91,000	91,000
Less: for AGI	(14,250)	(7,250)	-
AGI	76,750	83,750	91,000
Less: higher of itemized or standard ded.	(12,200)	(12,200)	(14,210)
Less: QBI	-	(2,000)	(10,000)
Taxable income	64,550	69,550	66,790
Rank	1	3	2

ekkarill92 answered 2 years ago

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