Charles Is a Single Person, Age 35, with No Dependents

question 412

Multiple Choice

Charles is a single person, age 35, with no dependents. In 2018, 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 $7,000 of itemized deductions. Charles's taxable income is

• A) $10,000.
• B) $5,000.
• C) $17,000.
• D) None of the above.

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Definitions:

Deadly Sins

Traditionally, a classification of the most serious vices in Christian teachings, which are believed to sever the connection with God.

Over Planning

The practice of spending too much time or effort on planning, which can sometimes lead to diminished efficiency or missed opportunities.

Unlimited Optimism

A mindset wherein an individual maintains a persistently positive outlook regardless of circumstances.

Conceptual Skill

The ability to understand complex ideas and concepts, often allowing for innovative problem solving and strategic planning.